Series B26 October 2020

PrimaryBid raises £38.4m Series B from London Stock Exchange and others to fund international expansion

London Stock Exchange Group and other major backers join Series B round to support international growth and technology development.

£38.4MSeries B

PrimaryBid operates a fintech platform that connects individual investors with public market share offerings. The company enables corporate issuers to include retail investors in initial public offerings and subsequent capital markets transactions.

PrimaryBid has secured £38.4m in Series B funding from a consortium of prominent global investors. The round was backed by London Stock Exchange Group, Draper Esprit, OMERS Ventures, Fidelity International Strategic Ventures and ABN AMRO Ventures, alongside existing backers Pentech and Outward.

The capital injection follows a period of rapid growth during 2020, driven by increased demand for digital equity offerings amid market volatility. The platform intends to deploy the proceeds towards key senior hires, technology infrastructure improvements, and international expansion.

As part of its global strategy, the company is moving into European markets supported by an exclusive commercial agreement with Euronext spanning nine jurisdictions. The platform has previously facilitated dozens of capital raisings for U.K. listed entities since April 2020.

From the founder

"The COVID-19 pandemic demonstrated the effectiveness of the public markets, with companies recapitalising quickly and efficiently. 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."

Anand Sambasivan

CEO and co-founder at PrimaryBid

Investor perspective

"Our investment in PrimaryBid aligns with part of our wider investment thesis to democratise retail investors access to public markets as well as modernise market infrastructure software. For us, both our companies are anticipating the direction of travel of the future of finance."