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February 23, 2022

Retail investment platform PrimaryBid raises $190m in Series C funding

Retail investment platform PrimaryBid has raised $190m in a Series C investment round to fund its expansion plans.

The round was led by SoftBank Vision Fund 2 with participation from existing backers.

PrimaryBid’s platform provides individual investors with access to public markets and enables them to buy shares in initial public offerings (IPO) and other fund raisings.

Last year, the company partnered with Deliveroo and PensionBee to offer UK-based investors access to their UK IPOs. It also partnered with MCG Group for its US IPO.

PrimaryBid plans to leverage the fresh capital to expand its offering across continental Europe, through key strategic partnerships with ABN AMRO and Euronext.

The firm, which seeks to enter into new geographies including the US, plans to make key executive hires, including general managers for North America and the EU, in the coming months.

PrimaryBid co-founder and CEO Anand Sambasivan said: “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.

“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.”

The latest round follows PrimaryBid’s $50m Series B funding round in October last year. The round included investments from ABN AMRO Ventures, London Stock Exchange Group, Molten Ventures,  Fidelity International Strategic Ventures, Pentech, Outward VC, and Hambo Perks.

The latest capital infusion follows a period of ‘accelerating growth’ for the firm with more than 150 follow-on and IPO transactions listed on its platform in the UK in the past 18 months.

Last year, PrimaryBid also expanded its footprint by launching its API services into Europe, conducting its inaugural transaction in France, and introducing a new retail bond offering.

SoftBank Investment Advisers partner Anthony Doeh 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’re excited to partner with them and believe we can add significant value to the business through our global network and expertise.”

In November 2021, British investment platform AJ Bell launched Dodl by AJ Bell, a new app-only investment platform designed to make investing more accessible for retail investors.

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