StockTwits, a startup that lets you view people’s stock-related comments on microblogging service Twitter, today announced $3 million in second-round funding from Foundry Group and returning investor True Ventures.
The free service aggregates tweets and streams them to StockTwits when Twitter users do one of two things: Enter a $ symbol before a stock or $$ symbols at the end of a tweet. Tweets with these symbols are accessible via the StockTwits web site or its downloadable desktop application.
The company, which launched a year ago, said it will use the new funding to drive its readership by building additional features around specific traders, as well as for TV and mobile channels. Right now, the company’s main revenue comes from advertising, but it says it hopes in the near future to offer advanced features for a price. It didn’t specify how it would do this. Founder Howard Lindzon says he wants to build a “real time financial media company.”
StockTwits previously raised $800,000 in a first round of funding from True Ventures.
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Here’s an interesting video converation between Lindzon and VC and principal of Union Square Ventures, Fred Wilson. Wilson had given Lindzon an opportunity to invest in the first round of Twitter, which he declined. There’s also a tutorial video on how StockTwits works available here.
