In general, public markets were created to allow everyone to invest in and own companies they believe in. However, the public has been missing out on valuable share offers for decades, claims the PrimaryBid, a London-based fintech platform.
Until recently, only institutional investors could access IPOs and follow-ons. And that’s what PrimaryBid is changing. The company has created a technology platform that allows individual investors fair access to public companies raising capital.
Recently, the UK fintech company has secured a $190M Series C investment round led by SoftBank Vision Fund 2, with participation from existing investors, including LSEG (London Stock Exchange Group), Molten Ventures (formerly Draper Esprit), OMERS Ventures, Fidelity International Strategic Ventures, ABN AMRO Ventures, Outward VC, Pentech and Hambro Perks.
This announcement follows PrimaryBid’s $50M Series B funding round in October 2020.
How will the funding be used?
The capital injection will enable PrimaryBid to expand its offering across continental Europe and the United States. The company is also planning to hire key executives, including General Managers for North America and the EU.
“Our ambition is to democratize public market offerings through a combination of technology, data, and advocacy. Our platform deepens the relationships public companies have with their stakeholders and helps them make their equity and debt offerings more inclusive”, says Anand Sambasivan, CEO and co-founder of PrimaryBid.
“We are proud to welcome SoftBank to our ownership and thank our existing investors for their continued support. This fundraising will enable us to deliver PrimaryBid’s infrastructure to companies internationally, expand our product portfolio, and attract best-in-class technology and capital markets talent”, he added.
Fair & equal access to public companies
Founded by Anand Sambasivan, James Deal, and Kieran D’Silva, PrimaryBid is a technology platform that allows everyday investors fair & equal access to investing in public companies raising capital.
This digital aggregation of demand, alongside the ability to target and track investors by segment and at scale, puts retail investors in a favourable allocation class among issuers.
The company’s unique approach and data-driven solution are bolstered by institutional-level quality controls and line-by-line transparency around deal participation.
The platform was used for the UK IPOs of Deliveroo, PensionBee, and the US IPO of MCG Group (Soho House) in 2021, which used PrimaryBid to provide access to its UK members.
Last year, the company’s platform was adopted by high-profile public companies, IPO candidates, and the UK capital markets ecosystem.
In the past 18 months over 150 follow-ons and IPO, transactions have been listed on the platform in the UK.
Further, the fintech company also expanded its geographical and product footprint by expanding its API services into Europe, conducting its inaugural transaction in France, and launching a new retail bond product.
Since the Series B funding, PrimaryBid has become fully regulated in the European Union, launched alongside Euronext in France in June 2021.
Sir Donald Brydon was announced as PrimaryBid’s first Chair in September 2021, bringing significant FTSE 100 company board experience and proven governance credentials at the highest levels of UK plc.
Anthony Doeh, Partner at SoftBank Investment Advisers, said, “PrimaryBid is powering inclusivity in the capital markets by making it simple and easy for anyone to access stock issuances previously reserved for institutional or professional investors. We believe the team has created a platform that combines technology, data, and an ‘ecosystem friendly’ approach to the challenge of widening participation, including developing a unique Community IPO platform for corporate issuers. We’re excited to partner with them and believe we can add significant value to the business through our global network and expertise”.