FinTech: PrimaryBid Snags $50M

October 27, 2020 | FinTech, News
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The British platform will use the funds to scale up internationally.

London-based PrimaryBid allows retail investors to digitally access share offerings on the same terms as institutions on its internet-based investment platform. It partners with the London Stock Exchange to cater to retail investors, which it says “is an important constituency in any capital raising activity.”

The company announced Monday its close of a $50 million Series B investment round. Investors participating included  London Stock Exchange Group, Draper Esprit, OMERS Ventures, Fidelity International Strategic Ventures and ABN AMRO Ventures.

Rapid growth

The fintech said its fundraise followed upon rapid growth in 2020. 

It successfully completed more than 41 capital issues since April. Several companies recapitalised their operations and entered the capital market for financing growth in this period.

COVID-19

Even during COVID-19, PrimaryBid continued to connect retail investors, issuing companies and global investment banks and raised billions of pounds of fundraisings. These included FTSE 100 names such as Compass Group, Ocado, Taylor Wimpey and Segro.

“The COVID-19 pandemic demonstrated the effectiveness of the public markets, with companies recapitalising quickly and efficiently,” said Anand Sambasivan, CEO, 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.”

“Through PrimaryBid’s innovative offering, retail investors have been able to access capital raisings on the same terms as institutional investors, supporting the U.K.’s public companies by providing additional capital and liquidity,” said Charlie Walker, Head of Equity and Fixed Income, Primary Markets at London Stock Exchange plc. “PrimaryBid has become an important part of the U.K.’s capital raising ecosystem.”

Use of funds

PrimaryBid will use the funds from the Series B round to expand its team including by recruiting senior personnel.

It also plans to invest in technology for its platform to enable its functioning internationally.

The fintech already has in place an exclusive commercial agreement with Euronext for nine geographies across the continent. It therefore plans to expand immediately into Europe. 

It will soon launch in other key international markets as well.

“We believe in democratising the capital markets; PrimaryBid can play a leading role here, in Europe and beyond,” said Hugo Bongers, Director of ABN AMRO Ventures.

Related Story:   London Stock Exchange and PrimaryBid To Democratize Public Equity Offerings                             

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