PrimaryBid raises $50m in Series B
UK fintech startup PrimaryBid has raised $50m in a Series B round, bringing on board a host of new investors, including the London Stock Exchange Group.
Draper Esprit, OMERS Ventures, Fidelity International Strategic Ventures and ABN AMRO Ventures were also among the new investors involved involved.
PrimaryBid’s platform groups applications from retail investors and submits them to companies as a single, larger investment. The company says the benefits are two-fold: retail investors are placed on more equal footing to institutional investors, and listed companies are able to access a broader pool of investors.
It has successfully completed more than 40 capital raising since April 2020, helping businesses including online grocer Ocado and construction firm Taylor Wimpey access liquidity even during the COVID-19 pandemic.
Anand Sambasivan, CEO of PrimaryBid, said: “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.”
With new funding, PrimaryBid plans to move rapidly into Europe and explore other international markets, as well as building out its team and technology capabilities.
The startup raised its initial funds from VCs Pentech Ventures and Outward VC, which were both also involved in this recent round.
Collaboration with LSE
Last November, PrimaryBid tied its platform into the LSE through a commercial agreement, enabling companies listed on the exchange to include retail investors in share offerings on the same terms as institutions.
Charlie Walker, Head of Equity and Fixed Income, Primary Markets at London Stock Exchange, said its inclusion in this funding round “builds on our collaboration”.
“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,” he added.
Five minutes with Helene Panzarino, Associate Director, LIBF
Name: Helene Panzarino
Role: Associate Director for Digital Banking and Finance
Company: The London Institute of Banking and Finance (LIBF)
We all know the companies, but what about the people behind them? Here, we find out more about Panzarino’s background, why she’s an advocate for entrepreneurs, and her take on US community bank heroism.
Who was your childhood hero, and why?
My dad. It may seem a bit of a cliche, but for someone who left school aged nine, he instilled in me the value of education and self-belief. He also had enormous pride and confidence in me and my abilities. He was my biggest supporter and a wonderfully innocent and kind person who helped shape the person I am today.
What's the best piece of advice you ever received?
‘Mentors are great, but advocates are better.’ I discovered that it's much harder for entrepreneurs to find true advocates, so this is something I try to do for other people.
Which activity are you most looking forward to doing when the pandemic is over?
I can't wait to go to Terroni Brothers in Clerkenwell, London, for some authentic Italian pastries and an espresso that I haven't had to make myself! I wrote most of my books in cafes, and I find a change of scenery also helps me think outside of the box on all my projects.
Is there a personal achievement from 2020 of which you are particularly proud?
I am most proud of having my second book, Reinventing Banking and Finance: Frameworks to Navigate Global Fintech Innovation, published by Kogan.
This book's schedule was very tight, and I was fortunate to have Alessandro Hatami, a good friend and industry peer, as co-author. We've received industry accolades, powerful endorsements, and many compliments on the clarity of thought and content, so it made it even more worthwhile.
What inspires you in fintech today?
I am hugely inspired by the way community banks in the US have become the unexpected heroes of the pandemic, getting money into accounts quickly but also being there for their customers as trusted partners.
Many community banks have been big enough to recognise that they could do more to support their customers, and it has been hugely inspiring to see them partner with the fintech community to drive operational and customer service improvement.
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