Anand Sambasivan, CEO of PrimaryBid.
PrimaryBid raises $190m with SoftBank backing
PrimaryBid said it will use the funds to expand its business in continental Europe and also plans to launch in new markets including the US.
SoftBank has led a $190m funding round in PrimaryBid, the startup aiming to democratise the public equity markets by allowing retail investors to buy shares in IPOs and other fundraisings.
PrimaryBid’s Series C was led by new investor SoftBank Vision Fund 2, with investment also coming from its existing investors.
Existing investors in PrimaryBid include LSEG (London Stock Exchange Group), Molten Ventures (formerly Draper Esprit), OMERS Ventures, Fidelity International Strategic Ventures, ABN AMRO Ventures, Outward VC, Pentech and Hambo Perks.
PrimaryBid said that over 150 IPO and follow-on transactions have listed on the platform in the UK.
It said it had also carried out its first transaction in France, launching a new retail bond product.
Following this latest funding round, the London-based startup has a value of around $700m.
It said it will use the funds to expand its business in continental Europe, by leveraging its partnership with ABN AMRO and Euronext.
It also plans to launch in new markets, including the US, and will soon announce “key executive hires” including general managers in North America and the EU.
It has worked with the likes of Ocado and Taylor Wimpey and its participation in the £1bn share sale for Compass Group was seen as a breakthrough moment.
Along with the UK, PrimaryBid is also regulated in France, where it can sell services within the EU.
“Our platform deepens the relationships public companies have with their stakeholders and helps them make their equity and debt offerings more inclusive.”