eToro’s IPO: A Milestone for R136 Ventures and the Future of Democratized Investing
Proof that clear vision and steady execution can change an industry
eToro at a glance
Founded in 2007 in Tel Aviv, Israel
Global social trading and investment platform
Enables trading of traditional securities and cryptocurrencies
Founders: Yoni Assia, Ronen Assia, David Ring
Raised $700+ million in capital
Backed by investors including Softbank, Spark Capital, Digital Currency Group, and others
38 million users worldwide
3.5 million funded accounts across 75 countries
$16.6 billion in assets under administration
Nearly $1 billion in commissions in 2024
IPO raised $310 million at a $4.2 billion valuation
Shares surged 30% on day one, reaching a $5.4 billion market cap
eToro, a flagship company in R136 Ventures' portfolio, has gone public. This is a milestone for the company, and of course for R136.
The story of eToro began in Tel Aviv in 2007, where Yoni Assia, Ronen Assia, and David Ring had a simple goal: make financial markets accessible to everyone.
They launched right before the 2008 financial crisis, when many people were losing faith in traditional finance. However, eToro identified early users who were willing to "buy the dip." This shaped the company's DNA—building tools for real people navigating real markets.
In the early days, making investing accessible was more dream than reality. Markets were complex, opaque, and intimidating. Yoni, Ronen and David saw a chance to change that. They believed technology could break down barriers and bring investing to regular people. It was a bold vision, especially in a market dominated by big players and old systems.
The Instagram for Traders
eToro is described as the "Instagram for traders and their followers." On the platform, every trader can showcase their portfolio, share their track record, and explain their investment thinking.
This lets any eToro user become a trader, attract followers, and follow others. eToro was expanding in two directions: 1. offering many different types of investments and 2. going deep into each category. This approach made investing more accessible than ever before.
A Visionary Leader
I first met Yoni Assia, the co-founder and CEO of eToro, during a trip to Israel in 2014. At the time, I was looking for companies that were making investing more accessible. eToro was still relatively small back then, but Yoni's vision impressed me.
Yoni was an early believer in cryptocurrencies—not just as investments, but as a force that would transform finance. He saw the potential of tokenization long before Wall Street giants took it seriously. In Yoni, I saw something rare: big vision combined with flawless execution—a truly exceptional founder.
Personally, I wasn't an experienced trader and didn't have much time to trade actively. When I became an eToro user, I put my money with a handful of eToro traders whose strategies I really trusted.
Why We Invested
When eToro was raising their Series B, we decided to invest from our first fund. The company was already showing signs of being a category-defining company. The market for accessible, digital-first investing was just starting to take off, and eToro's mix of trading, social networking, and education put them in a perfect position to capture a massive global audience.
Solid metrics and numbers also backed this up. eToro had strong user growth—nearly doubling to 4 million users in just two years by 2014. Their early embrace of crypto and expansion into new asset types proved they had product-market fit and could benefit from the explosive growth in crypto market value.
As always, we tried to be helpful and active investors. Within six months of our investment, we helped them land a big partnership that gave eToro access they'd never had before in one of their growing markets and grew their business there.
Over the years, we've continued supporting the company, increasing our investment and becoming one of eToro's major shareholders—and genuine friends to the team.
From Forex to Crypto Pioneer
Over the years, eToro kept expanding. From forex to stocks, commodities, ETFs, and cryptocurrencies, they kept pushing boundaries. They adopted bitcoin early in 2013, when few believed in it, and added more crypto in 2017. This wasn't chasing trends—it was a smart move to stay ahead in a fast-changing market.
The crypto market was volatile and uncertain, but eToro's early embrace made them pioneers. They understood that blockchain and digital assets weren't just fads but signs of a fundamental shift in finance.
Innovation and Discipline Through Market Cycles
eToro kept performing after our first investment, launching Smart Portfolios and expanding with wallets, payments, and cards. They expanded globally and launched commission-free stock trading, pushing revenue past $600 million in 2020. A planned SPAC IPO was delayed by the 2022 market downturn, but eToro stayed focused on profitability and steady growth through 2023.
When crypto markets came back in 2024, it brought back trading volume and profits, getting eToro close to $1 billion in revenue by year-end. Despite market chaos from new US tariffs in April, the team seized the moment and made their long-awaited debut on NASDAQ in May, following in the footsteps of founder's father David Assia, who took his company public on NASDAQ back in 1991.
The Growing Retail Trading Revolution
The retail trading market is huge and still growing. When we invested, digital investing was just taking off. eToro's mix of trading, social networking, and education positioned them perfectly. Retail trades in the US doubled from 10% in 2010 to 20% in 2020, showing how investing is becoming more accessible.
This growth isn't accidental. It reflects a bigger change in how people engage with finance. Smartphones, faster internet, and social media created new opportunities. eToro grabbed them.
More Than a Decade of Steady Growth
eToro's growth has been extremely steady. From 4 million users in 2014 to 8 million in 2017, then 27 million in 2021, to more than 38 million in 2024. Revenue grew nearly eightfold from 2016 to 2020, reaching $605 million. This isn't luck. It's consistent execution and a product that truly works.
Going Public in 2025
The IPO on May 14, 2025, was a defining moment. When Yoni rang the NASDAQ bell, he declared: "We're officially opening the 2025 technology IPO market."
This was a long-awaited moment for everyone involved and validation of our investment thesis. The offering was oversubscribed 10 times, raising $310 million at a $4.2 billion valuation. Shares jumped 30% on day one, closing at $67 and pushing the market cap to $5.4 billion. The market completely validated their model and growth.
For R136, eToro is the third company from our early portfolio to go public, after Uber and Tufin. It's the most lucrative so far, with the potential to drive top-quartile returns.
We've been supporting the company for over a decade, as board members, helping with fundraising and business development, and participating in multiple rounds. This IPO is more than a financial event. It's proof that clear vision and steady execution can change an industry.
The company is only beginning to tap into a vast market that's still largely stuck in the past. We're excited to be part of their journey as they continue to grow.
We congratulate Yoni, Ronen, David, and the team. This is just the beginning.