Last year, as we began trading investor capital, we publicly stated that we hoped to some day fund an algorithm with an allocation of up to $50 million. That day has arrived. We announced today that we've funded a strategy with over $50 million for the first time.
The cumulative funding of algorithms as of June 1 reached $155 million. This represents an incredible achievement for our community and the work we do together with you.
At the outset of our trading investor capital 2017, the largest allocation was $3 million. Together, we have made great progress as we build the world’s best crowd-sourced asset management business and share the profits with the strategy authors.
Your feedback has been instrumental in the past year. We have learned from your strategy submissions and your discussions in these forums. In turn, we created a new set of risk-driven contest criteria to guide you better. The impact of the new contest is clear. We've seen early signs of significant improvement in the quality of your strategies. Further, the sophistication of discussion in these forums is at an all-time high. Two tangible examples of this can be found in our recent webinar review of contest algorithms and the subsequent forum discussion of risk-managed strategies.
Together, we have come a long way. We are confident that you will continue to find opportunity and reward here on Quantopian: through the joy of learning quant finance, through the thrill of competing and earning cash, and by licensing your strategy for even greater potential compensation.