New York-based trading technology upstart Lava Trading has secured $30 million in financing led by new investor TA Associates.
Lava Trading is a growing provider of market data distribution, trading technology, and electronic communication networks (ECN) and exchange connectivity for Nasdaq market makers, broker dealers, and large institutional investors.
Since going live in February of 2001, Lava has enlisted 10 of the 13 largest investment banks as users. The company says its customers are using Lava screens to execute 150 to 200 million shares a day, or nearly 10% of Nasdaq's daily volumes.
Richard Korhammer, co-founder and CEO of Lava Trading, comments: "TA's experience in technology, financial services, and investment management will provide us with a wealth of insight as we continue to grow."
Lava's initial investors, Internet Finance Partners (IFP) and LaBranche & Co, also participated in this round.