Digital Debt Capital Markets Ltd, a London, UK-based techfin company, raised £4.32m in follow-on seed funding.
The round was led by IPGL Ltd (Lord Spencer’s private investment group) and David E. Rutter Founder & CEO of R3, which develops Corda Enterprise, the blockchain software integral to the functioning of its agoraPlatform.
The new funding will be used to develop the business by hiring staff for marketing, user support and further software development.
Co-founded by bond market veterans Charlie Berman and Naveed Nasar, Digital Debt Capital Markets is providing technology to enhance, upgrade and improve communication and processes from a bond’s issuance to repayment at its term.
The company closed its initial seed funding round in September 2019 raising £2.5m and since then has been collaborating with major bond market participants including issuers, lead managers, lawyers and multiple service providers including custodians, central securities depositories (CSDs & ICSDs), issuing and paying agents (IPAs) to develop its software to connect them and reconcile data throughout the full life cycle of a bond. The company has completed the initial development and in-house testing of its first phase software.