A Boise-based company that hopes to help market traders figure out what social media is saying about stocks and crypto investments — landed an early funding round.
While still a Boise State University student, Christian Pery partnered with Loughborough University student Bars Juhasz to found the company in 2021. Now, Meridian’s Capital Eleven is leading the seed funding round for the company, along with Boise-based Trolley House Ventures.
Neither the funding amount nor the valuation were disclosed.
Social media sentiment around stocks has seen increased prominence in recent years. AMC Entertainment and GameStop say meteoric rises last year as so-called “meme stocks,” fueled by discussion and trading activity from individual investors. Forums like the Wall Street Bets board on Reddit as well as Twitter communities have been key factors in moving stocks. ChatterQuant thinks it can help find signal in the noise.
“Total retail traders rose from 59 million people in 2019 to 95 million in 2021 and they are now
responsible for roughly $30 billion dollars of daily trading volume,” Perry said. “This circle of retail traders sharing their trades on social media and reading about others is clearly moving markets on a daily basis, making access to real-time social sentiment tracking critical to both institutional and retail traders.”