PrimaryBid is a London-based online platform connecting publicly listed companies with everyday investors for discounted share issuances. It has just announced the completion of a £7m funding round.
The round was led by investment platform Pentech and Outward VC, the UK-based venture capital firm focusing on FinTech and enterprise software startups. In the past, Pentech has supported InsurTech company Digital Fineprint. Outward VC recently closed its £75m debut fund. Craig Anderson, a partner at Pentech, will join PrimaryBid’s board of directors. Outward VC will have a board observer seat.
Other investors participating in PrimaryBid’s £7m round includes London-based VC firm Hambro Perks and a mix of new and existing investors.
PrimaryBid will use the money to expand its sales and marketing efforts whilst developing its IT solutions further.
Commenting on the funding round, Anand Sambasivan, co-founder and CEO of PrimaryBid, said, “We are on a mission to democratise public equity offerings. Everyday investors are a vital part of the stock market and yet unable to buy discounted share deals – a longstanding imbalance in the public markets. This is true whether it is a government selling down its holding in a large company or a quoted company is raising growth capital.
“Our online platform addresses this challenge, giving small investors the same access as traditionally afforded to large institutional investors. We are grateful for the backing of our lead investors as well as our other institutional and angel investors. With their support we are confident of executing our vision quickly and efficiently.”
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