PrimaryBid gets backing from SoftBank in $190m funding round
London-based retail investment platform PrimaryBid has today closed a $190m funding round as readies to ramp up its growth across Europe and the US.
The fresh capital injection into PrimaryBid, which helps retail investors tap into public markets, was led by prolific technology investor SoftBank Vision Fund 2 alongside a group of the firm’s existing investors.
PrimaryBid says it will now pump the capital into key partnerships across the continent, including Dutch Investment bank ABN AMRO and pan-European trading exchange Euronext, alongside a new launch into the US.
“Our ambition is to democratise public market offerings through a combination of technology, data and advocacy,” said Anand Sambasivan, CEO and co-founder of PrimaryBid.
“This fundraising will enable us to deliver PrimaryBid’s infrastructure to companies internationally, expand our product portfolio, and attract best-in-class technology and capital markets talent”, he added.
PrimaryBid’s platform allows retail investors to participate in IPOs and subsequent capital market transactions, and lead-backer SoftBank says the firm’s proposition is now well-positioned for growth.
“We believe the team has created a platform that combines technology, data and an ‘ecosystem friendly’ approach to the challenge of widening participation, including developing a unique Community IPO platform for corporate issuers,” said Anthony Doeh, partner at SotBank INvestment Advisers.
“We’re excited to partner with them and believe we can add significant value to the business through our global network and expertise”.
The funding round investment follows PrimaryBid’s $50m Series B funding round in October 2020, which included investment from London Stock Exchange Group and a range of venture capital investors including Molten Ventures, OMERS Ventures and Fidelity International Strategic Ventures.
The firm is now fully regulated in the European Union, launching alongside Euronext in France last year, an bosses say the firm is det to make key global hires in the coming months including general managers for North America and the EU.