TruMid, a NYC-based platform for corporate bond and CDS trading, closed the majority of an investment round led by tech investor Peter Thiel.
The round is expected to be $27m and will be fully closed before the end of the year.
Thiel was joined by a private investment fund managed by Soros Fund Management and by Shumway Capital, which led TruMid’s first external financing earlier this year.
The capital will allow the company to advance its e-trading platform’s ability to improve liquidity for all market participants.
TruMid is a FINRA-approved broker dealer and SEC registered ATS operator of an electronic trading platform for round lots of corporate bonds and CDS. It uses trading sessions called “swarms” to allow anonymous and efficient interaction between its institutional users to drive mid-market pricing and best execution on round lot transactions.
Launched on April 29, 2015, the company has 191 institutional clients live on the platform and nearly 400 more in the onboarding process.