SecondMarket, a New York-based marketplace for alternative investments, has raised $15m in Series C financing from the Social+Capital Partnership.
The company intends to use the funding to build out its team, expand into new asset classes and make acquisitions.
Led by Founder and CEO Barry Silbert, SecondMarket is a marketplace for several alternative investment classes, including private company stock, structured products, bankruptcy claims and restricted securities in public companies. It centralizes and simplifies secondary market activity by connecting buyers and sellers, and providing market and operations expertise.
A registered broker-dealer (Member FINRA, MSRB and SIPC) and is a SEC-registered Alternative Trading System, SecondMarket has over 75,000 participants including global financial institutions, regional and community banks, hedge funds, private equity firms, mutual funds, corporations and other institutional and accredited investors.
The Social+Capital Partnership is a new venture fund established by former Facebook senior executive Chamath Palihapitiya, who will also join the company’s board of directors.
Previous investors in the company include FirstMark Capital, New Enterprise Associates, SVB Financial Group (Nasdaq: SIVB), the Li Ka-Shing Foundation, and Dunearn.