PrimaryBid closes £7 million funding round to fuel expansion
PrimaryBid, a regulated online platform connecting publicly listed companies with everyday investors for discounted share issuances, has closed a £7 million funding round, led by Pentech and Outward VC with participation from new and existing investors.
The investment enables the company to expand its sales and marketing efforts as well as accelerate IT product development.
Pentech invests in startups that are building category leading software and are capable of becoming global companies. Notable investments in other UK fintech companies, includes Nutmeg (which recently closed a £45m funding round led by Goldman Sachs).
Outward VC invests in early stage fintech companies that focus on large global market opportunities. Backed by Investec Bank, NIBC and other international investors, Outward VC works closely with its portfolio companies to help them leverage its global network and domain expertise in financial services. Notable investments include fast growing UK fintechs such as Monese, Curve and Bud.
Craig Anderson, a partner at Pentech, will join the PrimaryBid Board of Directors with Outward VC having a Board Observer seat.
The Series A financing builds on an exceptional year for PrimaryBid. The company made key executive appointments and achieved its ambition to extend its services beyond the UK with an exclusive, long-term commercial agreement with Euronext, the leading pan-European exchange in the Eurozone. The partnership gives the company access to nine new geographies, with the first new site launching in France later this year.
Commenting on the funding round, Anand Sambasivan, co-founder and CEO of PrimaryBid, says: “Everyday investors are a vital part of the stock market and yet unable to buy discounted share deals – a longstanding imbalance in the public markets. Our online platform addresses this challenge, giving small investors the same access as traditionally afforded to large institutional investors.”
Craig Anderson of Pentech adds: “We believe equity capital markets infrastructure is dominated by an institutional focus and is not geared for retail investors, which unfairly restricts consumer access to the primary equity markets. PrimaryBid addresses this problem by using technology to democratise the equity capital markets to provide a new asset class to retail investors.”
