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PrimaryBid raises $50m in Series B following 2020 growth

By Sunniva Kolostyak

October 26, 2020

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PrimaryBidUK FinTech PrimaryBid has completed a Series B funding round, raising $50 million from the likes of London Stock Exchange Group, Draper Esprit, OMERS Ventures, Fidelity International Strategic Ventures and ABN AMRO Ventures.

The funding comes after a period of rapid growth in 2020 and will be used to expand into Europe, trough key senior hires and investments into the technology of its platform.

PrimaryBid has had a successful year where it has helped UK retail investors access billions of pounds of corporate fundraisings during the pandemic – including FTSE 100 Compass Group, Ocado, Taylor Wimpey and Sergo.

Anand Sambasivan, CEO of PrimaryBid, said the investments will deepen its integration into the capital raising ecosystem as it deepens its links with intermediaries and expands into international markets.

“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. The response from boards and their advisers to our solution has been excellent: they recognise our digital solution for retail inclusion brings together both good governance and best execution,” Sambasivan said.

Since April 2020, PrimaryBid has completed over 41 capital raisings for UK listed companies and investment trusts, working alongside global investment banks to broaden investor access as companies recapitalised their balance sheets and raised growth capital.

Also commenting, 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 UK’s public companies by providing additional capital and liquidity. PrimaryBid has become an important part of the UK’s capital raising ecosystem and we look forward to working with them to further enhance retail investor access to capital markets within the UK and globally.”

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