business news

PrimaryBid raises $190 million in Series C, aims for global expansion

Date: February 22, 2022 Sunil Jha Sunil Jha
PrimaryBid raises $190 million in Series C, aims for global expansion 
London-based fintech startup, PrimaryBid, has reportedly raised $190 million in its latest investment round, with SoftBank leading the fundraise with its Vision Fund 2.



The platform, which focuses on helping public companies that are raising more money and companies that are preparing to go public, by offering their shares to retail investors, not professionals, along with traditional share sales.



Co-founder and CEO of PrimaryBid, Anand Sambasivan, stated that the startup plans on using the funding to continue developing more products it can offer to companies, including the ability to invest in SPAC-based public listings and investments in retail bonds.



Along with that, the firm will also work on its expansion plans with a special focus on building an office in the U.S., where it is working on getting regulatory approvals in order to work with firms listing in that market, with expectations to launch around late 2022 or early 2023.



The startup inter-operates with a growing list of channels, currently at around 60, to allow investments, such as brokerages and apps that can be used to make investments.



Sambasivan stated that the firm aims in bringing back ‘public’ to the concept of a public offering by giving ordinary people a chance to directly invest in IPOs, similar to banks or other large professional investors.



With its investment, SoftBank has joined a list of investors, including Fidelity International Strategic Ventures, London Stock Exchange Group, ABN AMRO Ventures, OMERS Ventures, Pentech, Outward Ventures, and Draper Esprit, who had participated in PrimaryBid’s previous funding round in 2020.



Anthony Doeh, a SoftBank Investment Advisers partner, stated that the startup’s platform addresses the challenge of widening participation by combining data and technology with an ecosystem-friendly approach, and looks forward to their partnership.



In the last eighteen months, the firm has helped around 150 IPOs and follow-on share issues by facilitating share offerings for retail investors.



PrimaryBid, which primarily works in the UK, has started working with French companies and is looking to work with businesses in the Netherlands with the help of its Dutch investor ABN AMRO.



Source credit: https://techcrunch.com/2022/02/20/primarybid-raises-190m-to-double-down-on-making-it-easier-for-ordinary-people-to-invest-in-ipos-and-follow-on-fundraises/

About the author

View All Posts

Sunil Jha

Sunil Jha has been a part of the content industry for close to two years. Having previously worked as a voice over artist and sportswriter, he now focuses on writing articles for newsorigins.com, across a slew of topics, ranging from technology to trade and finance. With a business-oriented educational background, Sunil brings forth the expertise of deep-dive research and a strategic approach in his write ups.