PrimaryBid Raises $190M as It Looks Towards European Expansion

UTC by Benjamin Godfrey · 3 min read
PrimaryBid Raises $190M as It Looks Towards European Expansion
Photo: Depositphotos

The new funding is a major booster for PrimaryBid as it works its expansion into other European nations as well as the United States.

PrimaryBid has secured the sum of $190 million from investors in a Series C funding round in a bid to push forth its European and global markets expansion plans. As reported by TechCrunch, the capital raise was led by Vision 2 Fund of SoftBank Group Corp (TYO: 9984), as well as previous investors from the company’s $50 million Series B round which featured London Stock Exchange Group, Draper Esprit, OMERS Ventures, Fidelity International Strategic Ventures, ABN AMRO Ventures, Pentech and Outward Ventures.

PrimaryBid occupies a very pivotal part in the investing world of today as it connects retail investors to public companies looking to raise funds. While this remains PrimaryBid’s core business model, it is a challenging one to get out there seeing a number of investing options constantly stir the average investor in the face.

Nonetheless, PrimaryBid has a strong motive and its confidence in returning the investing powers to the populace has made its business thrive since its inception.

“We’ve found a foothold in the capital markets in a big way,” said Anand Sambasivan, the CEO and co-founder of PrimaryBid. “The notion that [we are battling is that] the public is no longer included in the public markets, and some of the best companies going public have a strong ethos of their stakeholders, and they were unable to include that in an IPO. They all see the value of including them in a thoughtful and robust way and we are giving them the ability to do that through our platform. Now we are seeing sustained growth and [we believe] what we are doing is too big to fail.”

The new funding is a major booster for PrimaryBid as it works its expansion into other European nations as well as the United States. The company can easily push its European switch as it has started working with firms in France and Netherlands through its ABN AMRO investor. The startup is also seeking regulatory approval from US authorities to operate in the country. This approval, if granted will see PrimaryBid begin operations by late 2022 or early next year.

PrimaryBid to Power Its Expansion through ‘Ecosystem Friendly’ Approach

The ultimate aim of PrimaryBid is to take on Capital markets investments and give an equal share to retail investors as much as the high networth individuals. One of its strategies is to bring “ecosystem-friendly” products and services that can be appreciated by all. Investors realize this uniqueness in the London-based startup’s model, and thus informed their desire to go all out in backing the firm.

“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,” said Anthony Doeh, a partner at SoftBank Investment Advisers, in a statement. “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.”

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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