PrimaryBid raises $50 million during Series B round

Investors in this round: London Stock Exchange Group, Draper Esprit, OMERS Ventures, Fidelity International Strategic Ventures, ABN AMRO Ventures, Pentech, Outward Ventures

UK fintech company PrimaryBid has raised $50 million in growth funding.

The company, which enables retail investors the ability to invest in new shares issued by public companies, raised the funding from the London Stock Exchange Group, Draper Esprit, OMERS Ventures, Fidelity International Strategic Ventures and ABN AMRO Ventures, as well as previous backers Pentech and Outward Ventures.

“The COVID-19 pandemic demonstrated the effectiveness of the public markets, with companies recapitalising quickly and efficiently,” said Anand Sambasivan, CEO of PrimaryBid. “Our technology has allowed thousands of retail investors to participate on equal terms with institutional investors, unlocking a large and important source of liquidity and long-term share ownership for corporate issuers. The response from Boards and their advisers to our solution has been excellent: they recognise our digital solution for retail inclusion brings together both good governance and best execution.”

PrimaryBid will use the new funding to hire more talent, invest in its tech platform, build out more partnerships and expand internationally.

The startup ran a successful Series A in September 2019 where they raised $8.6 million.