PrimaryBid, a London, UK-based fintech platform that connects retail investors with public companies raising capital, closed a $50m Series B funding.
Backers included London Stock Exchange Group, Draper Esprit, OMERS Ventures, Fidelity International Strategic Ventures and ABN AMRO Ventures.
The company intends to use the funds to build-out the team and technology platform and expand into international markets.
Led by Anand Sambasivan, CEO, PrimaryBid is a regulated technology platform connecting retail investors with listed companies raising money. It provides individual investors with digital access to listed company offerings at the same terms as institutional investors, aggregating orders alongside a traditional bookbuild and on the same timetable. The company does not charge investors any commission for its service, which is available through www.PrimaryBid.com and via mobile applications.
The fundraising follows a period of rapid growth in 2020 during which PrimaryBid helped U.K. retail investors access billions of pounds of corporate fundraisings during the COVID-19 pandemic, including FTSE 100 Compass Group, Ocado, Taylor Wimpey and Segro.
The company has completed over 41 capital raisings for U.K. listed companies and investment trusts since April 2020, working alongside global investment banks to broaden investor access as companies recapitalised their balance sheets and raised growth capital.