This SoftBank-backed fintech helps get retail investors early access to IPOs. Check out the 12-slide pitch deck PrimaryBid used to raise $190 million.
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- London fintech startup PrimaryBid has raised $190 million from SoftBank Vision Fund 2.
- The startup helped retail investors get better pricing on major IPOs like Deliveroo in 2021.
- Check out the company’s Series C pitch deck below:
PrimaryBid, a fintech that aims to improve access to capital markets for retail investors, has raised $190 million in fresh funds in a round led by SoftBank’s Vision Fund 2.
The London-based startup, which was founded in 2015 by Anand Sambasivan and Kieran D’Silva, declined to comment on its valuation but the deal is understood to value the business at around $500 million.
When a company comes to IPO, large institutional investors such as pension funds and insurers get early access to the share offering to buy at a significant discount to the subsequent offer price. PrimaryBid works to bundle individual retail offers into a larger book to help get access to share offers at a better price.
The startup reported significant growth during 2021, partly thanks to a series of large listings on the London Stock Exchange, including Deliveroo and fintech PensionBee.
“The great thing is we were steadfast in our mission as a company,” Anand Sambasivan, PrimaryBid CEO and cofounder told Insider. “We’ve achieved that in a compelling way with great validation from deals on the FTSE 100 and in the US.”
The company has spent time building up its global presence with partnerships in France and also has a relationship with European exchange Euronext. Sambasivan told Insider that the company had expanded into the US market faster than it could have anticipated and will use the fresh funds to grow its headcount beyond its 200 employees.
“We got to US much faster than we even expected,” Sambasivan added. “We’re building out the US team and taking the geography extremely seriously in order to innovate quickly. This is not a satellite office, we have to attack it with everything we’ve got.”
PrimaryBid previously raised a $50 million Series B in October 2020 and the startup has raised $252 million to date from investors like Canada’s OMERS Ventures, Molten Ventures, and Fidelity International Strategic Ventures.
Check out PrimaryBid’s Series C pitch deck below: