Pre-IPO stock platform EquityZen secures $3m

New York-based pre-IPO stock platform EquityZen has secured $3m in its latest round of funding led by Draper Associates.

Launched in 2013, EquityZen is a marketplace for investing in private technology companies, helping individuals get involved with backing late-stage private companies due to investment minimums.

The platform lets users get instant cash for their illiquid stock, access to companies before an IPO and also allows professional investors and financial advisors manage investments on behalf of clients.

With the capital, EquityZen hopes to expand its platform to thousands more of investors looking to back private companies.

EquityZen’s co-founder and investments head Phil Haslett said,”EquityZen brings private markets to the public. Our platform serves over 15,000 qualified investors from more than 30 countries, spanning high-net-worth-individuals (HNWI), wealth advisors, and institutional money managers.

“We have successfully completed transactions in more than one-third of the largest 50 unicorns in the US, including AppDynamics, which was purchased by Cisco Systems just prior to its planned IPO.”

Following this transaction, the company has received a total of $6.5m funding, with its Series A pulling in $3.5m in 2015.

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