PrimaryBid, which connects retail investors with companies raising funds, has bagged $50m in its Series B found.
The capital injection was raised to help PrimaryBid expand its team and technology, as it looks to enter international markets and deepen links with intermediaries.
Investors included London Stock Exchange Group, Draper Esprit, OMERS Ventures, Fidelity International Strategic Ventures and ABN AMRO Ventures.
This investment comes after a period of strong growth for PrimaryBid. The FinTech has completed more than 41 capital raisings for UK listed companies and investment trusts since April 2020, it claims.
PrimaryBid CEO Anand Sambasivan said, “The COVID-19 pandemic demonstrated the effectiveness of the public markets, with companies recapitalising quickly and efficiently. Our technology has allowed thousands of retail investors to participate on equal terms with institutional investors, unlocking a large and important source of liquidity and long-term share ownership for corporate issuers.
“The response from Boards and their advisers to our solution has been excellent: they recognise our digital solution for retail inclusion brings together both good governance and best execution.”
Through PrimaryBid, retail investors can access the funding round of public companies, with notifications being sent to them when opportunities are available.
The FinTech previously raised $8.6m in its Series A round in 2019 and a commercial agreement with the London Stock Exchange just months later.
OMERS Ventures partner Tara Reeves said, “As fintech specialists it’s been impossible to ignore the rise of PrimaryBid in 2020 and its success championing retail investors in the capital markets. PrimaryBid’s technology sits at the intersection of powerful trends in financial services – regulation, digitalisation and democratisation – and OMERS Ventures is delighted to support the team’s mission to put individual investors on equal terms with institutions.
“PrimaryBid is now well integrated at the highest levels of the U.K.’s capital raising ecosystem, and we look forward to helping the team realize their ambitions internationally.”
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