Equidate, a stock market for private technology companies, has received $50m in a Series B financing round.
The round was led by Financial Technology Partners, Panorama Point Partners, and Operative Capital. Previous backers into the company include Peter Thiel, Tim Draper, and Scott Banister.
Founded in 2014, the company offers an electronic trading platform to connect individual and institutional investors with sellers, such as venture capitalists and shareholder employees.
Shareholders can use the app to sell their shares in a company, so they can unlock their net worth. Investors can browse the app to find the opportunities available, with tools to separate companies by their funding stage, valuation and industry. The app also gives users news updates, notifications of a company new funding and market sentiments.
The company believes that as growth companies are staying private for longer, traditional institutional investors will become more active in the pre-IPO market. This space has previously been dominated by networks of brokers but Equidate hopes its solution can change this.
Equidate founder and co-CEO Sohail Prasad said, ?By combining data with our sophisticated technology, weve been able to operate at a level of scale, efficiency, and intelligence which to date has never before been seen in this industry.
?Weve been seeing outsized demand from international players, and our singular focus is now on the broadest global distribution of our platform onto the desks of institutions and into the hands of individuals.p>
Last week, Algomi, a software developer for the fixed-income market, received an investment from Euroclear data and information business Euroclear Information Solutions.
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