PrimaryBid secures £7 million in funding for product development

Anand Sambasivan, Co-founder and CEO, PrimaryBid

FCA-regulated online platform PrimaryBid has announced that it has raised £7 million in a funding round, led by Pentech and Outward VC along with the participation of other investors.

Anand Sambasivan, co-founder and CEO of PrimaryBid, said, “Everyday investors are a vital part of the stock market and yet unable to buy discounted share deals – a longstanding imbalance in the public markets. Our online platform addresses this challenge, giving small investors the same access as traditionally afforded to large institutional investors. We are grateful for the backing of our lead investors as well as our other institutional and angel investors.”

The funding will assist the company in its expansion efforts as well as its product enhancement. The funding round follows various executive appointments and its agreement with pan-European exchange Euronext.

Craig Anderson of Pentech said, “We believe equity capital markets infrastructure is dominated by an institutional focus and is not geared for retail investors, which unfairly restricts consumer access to the primary equity markets. PrimaryBid addresses this problem by using technology to democratize the equity capital markets to provide a new asset class to retail investors. We are very excited to be working with Anand and the PrimaryBid team to help realize that mission.”

Kevin Chong of Outward VC said: “By bringing publicly listed companies directly to ordinary investors, PrimaryBid addresses increasing frustrations felt by equity issuers and potentially expands global equity markets to the benefit of all players – investors, issuers and investment bank advisers. We look forward to supporting PrimaryBid through high growth, internationalization phase.”

Established in 2012, PrimaryBid’s platform allows everyday investors to be connected with listed companies seeking to raise capital.

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