PrimaryBid, the UK-based fintech platform that connects retail investors with public companies raising capital, has closed a $50 million series B funding round.
PrimaryBid attracted global investors in its series B fundraise, including London Stock Exchange Group, Draper Esprit, OMERS Ventures, Fidelity International Strategic Ventures and ABN AMRO Ventures to facilitate expansion into international markets.
The funding round follows a period of rapid growth in 2020 for PrimaryBid. The company helped UK retail investors access billions of pounds of corporate fundraisings during the Covid-19 pandemic, including FTSE 100 Compass Group, Ocado, Taylor Wimpey and Segro.
Proceeds will be used to build-out the PrimaryBid team and technology platform as the company deepens its links with key intermediaries and expands into international markets.
PrimaryBid has completed more than 41 capital raisings for UK-listed companies and investment trusts since April 2020, working alongside global investment banks to broaden investor access.
The company does not charge investors any commission for its service, which is available through its website and app.
PrimaryBid completed an $8.6 million series A funding round last year, and signed a commercial agreement with London Stock Exchange to broaden access to UK equity offerings.
It also has a commercial agreement with Euronext, the operator of major European bourses including the Paris and Amsterdam stock exchanges.
Charlie Walker, head of equity and fixed income for primary markets at London Stock Exchange, said PrimaryBid enables retail investors “to access capital raisings on the same terms as institutional investors”.
Walker continued: “PrimaryBid has become an important part of the UK’s capital raising ecosystem and we look forward to working with them to further enhance retail investor access to capital markets within the UK and globally.”
Anand Sambasivan, chief executive officer of PrimaryBid, said: “We are privileged to welcome a number of leading global investors in our series B. Our mission is to enhance fairness, inclusivity and transparency in capital markets, and these investors all share that commitment and global ambition.”
“I look forward to working with them as we expand PrimaryBid’s offering to retail investors in new markets, build our team and technology platform, and deepen our integration into the capital raising ecosystem.”