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PrimaryBid raises $50m Series B

PrimaryBid, the British fintech platform that connects retail investors with public companies raising capital, has closed a $50m Series B investment round from a leading group of investors.

The fundraising follows a period of rapid growth in 2020 during which PrimaryBid helped U.K. retail investors access billions of pounds of corporate fundraisings during the COVID-19 pandemic, including FTSE 100 Compass Group, Ocado, Taylor Wimpey and Segro.

The funding will be used to build-out the PrimaryBid team and technology platform as the company deepens its links with key intermediaries and expands into international markets.

PrimaryBid attracted global investors in its Series B fundraise including London Stock Exchange Group, Draper Esprit, OMERS Ventures, Fidelity International Strategic Ventures and ABN AMRO Ventures to facilitate expansion into international markets.

The startup has completed over 41 capital raisings for U.K. listed companies and investment trusts since April 2020, working alongside global investment banks to broaden investor access as companies recapitalised their balance sheets and raised growth capital.

Anand Sambasivan, CEO of PrimaryBid, said: “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.

“We are privileged to welcome a number of leading global investors in our Series B. Our mission is to enhance fairness, inclusivity and transparency in capital markets, and these investors all share that commitment and global ambition. I look forward to working with them as we expand PrimaryBid’s offering to retail investors in new markets, build our team and technology platform, and deepen our integration into the capital raising ecosystem.”  

Vinoth Jayakumar, Partner at Draper Espirit added, “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.”

Charlie Walker, Head of Equity and Fixed Income, Primary Markets at London Stock Exchange plc said:

“This investment builds on our collaboration with PrimaryBid and is part of London Stock Exchange Group’s commitment to broadening retail investor access to public equity markets. 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.”

Tara Reeves, Partner at OMERS Ventures added, “As fintech specialists it’s been impossible to ignore the rise of PrimaryBid in 2020 and its success championing retail investors in the capital markets. OMERS Ventures is delighted to support the team’s mission to put individual investors on equal terms with institutions.

“PrimaryBid is now well integrated at the highest levels of the U.K.’s capital raising ecosystem, and we look forward to helping the team realise the ambitions internationally.”