We got an exclusive look at the pitch deck buzzy fintech PrimaryBid used to raise $50 million
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- London fintech PrimaryBid has raised a $50 million Series B in a round led by OMERS Ventures.
- PrimaryBid helps improve access to public markets for retail investors by bundling orders.
- Scroll down to take an exclusive look at the firm’s redacted pitch deck.
- Visit Business Insider’s homepage for more stories.
European fintech startup PrimaryBid has just raised a bumper $50 million in fresh funding.
The company was founded in 2015 by Anand Sambasivan and Kieran D’Silva and helps improve access to capital markets for retail investors.
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 says it has been booming amid a rise in retail investing during the coronavirus pandemic and helped on major rounds like Compass Group’s £2 billion ($2.4 billion) placement and Ocado’s £1 billion retail offer.
“A stunning amount of retail investors have come into the market but there was nothing to connect the dots,” PrimaryBid CEO and cofounder Sambasivan told Business Insider in an interview. “PrimaryBid is helping to connect those dots by making access to capital markets fairer for retail investors.”
Funding talks took place entirely over Zoom during the summer.
A lack of access to public markets at the same price point as institutional investors was “unfair,” according to Sambasivan. The need for solutions like PrimaryBid have also become more pertinent amid the coronavirus pandemic, according to Tara Reeves, partner at OMERS Ventures, which led the new round.
“Covid has been an accelerant to the trend we already saw,” she told Business Insider. “This is not a blip and retail investors are here to stay, PrimaryBid’s technology solution is a simple and cost-effective way to improve access.”
Vinoth Jayakumar, partner at fellow PrimaryBid backer Draper Esprit, added that the firm had backed the startup because it gave “ordinary investors greater access via public markets.”
PrimaryBid will use the funds to continue growing its product offering and will soon expand internationally to France and the Netherlands, before aiming for the US market. The company will soon launch an IPO product which will be available when “the window opens.”
“Our idea is embraced by entire ecosystem and our solution will provide an upgrade to the capital markets system making it fairer and more inclusive,” Sambasivan added.
PrimaryBid’s Series B round comes just a year after the company’s Series A round and was led by Canada’s OMERS Ventures, in conjunction with the London Stock Exchange, Draper Esprit, Fidelity International Strategic Ventures and ABN AMRO Ventures and participation from existing investors Pentech and Outward Ventures.
Check out PrimaryBid’s redacted pitch deck below: