Axial, a New York-based network for professionals who run, advise and finance private companies, raised $11m in Series B funding.
The round was led by Comcast Ventures with participation from existing investors Redpoint Ventures and First Round Capital as well as Select Axial members including Thomas W. Courtney, Jr., President of The Courtney Group.
The company, which has now raised $20m, will use the funds to continue its focus on growing the network.
Led by Peter Lehrman, CEO, Axial connects private companies to a qualified network of investment professionals and financial intermediaries. Each week, over 200 private companies create profiles on Axial to explore, prepare for, and pursue financial transactions, including acquisitions, equity capital raises, and debt financings.
Since the launch in 2010, 23,000 private companies, representing more than $400B in revenue, have brought their deals to market on Axial.
Axial currently counts 19,500 members on the network including CEOs and business owners, private equity professionals, strategic buyers, middle market senior and mezzanine lenders, active family offices, investment bankers, M&A advisors and business brokers.
Members on Axial include professionals at GE Equity, BB&T, Johnson & Johnson, Audax, HIG Capital, Summit Partners, TPG Specialty Lending, Fortress Investment Group, Provident, CVS, and Hershey’s, among others.