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PrimaryBid closes in on £110m funding deal led by SoftBank – report

PrimaryBid funding SoftBank

London-based investment fintech PrimaryBid is close to completing a £110m funding round led by SoftBank’s Vision Fund II, according to reports.

The Series C funding round would push the company’s valuation to over £368m on a pre-money basis according to Sky News, which first reported the story over the weekend.

PrimaryBid is a platform that lets retail investors join corporate fundraising events such as IPOs. Through its partnership with the London Stock Exchange and Euronext, PrimaryBid aims to put “the public back into public markets”.

In May 2020 it allowed individual investors to participate in the £1bn share sale by catering company Compass Group.

The rumoured funding round from Japanese conglomerate SoftBank – the world’s largest technology investor – is reportedly in advanced stages.

UKTN has contacted PrimaryBid for comment.

PrimaryBid is said to be considering the funds for international expansion to roll out services outside the UK.

PrimaryBid previously raised $50m in its Series B investment round back in October 2020. The round was invested in by London Stock Exchange Group, Draper Esprit, OMERS Ventures, Fidelity International Strategic Ventures and ABN AMRO Ventures.

In September last year, PrimaryBid appointed Sir Donald Brydon CBE as its first chair. Brydon formerly chaired the London Stock Exchange Group and become a shareholder in PrimaryBid during its Series B round.