Primarybid announced raising an investment of $190 Million in a funding round of series C. World-class investor, Softbank Vision fund is leading this round
Primarybid 190m Series
Fintech is one of those categories, that are engaged in market demand continuously and with this Footpath, UK-based fintech start-up, Primarybid announced raising an investment of $190 Million in a funding round of series C. World-class investor, Softbank Vision fund is leading this round with other backers such as London Stock Exchange, Molten Ventures, Fidelity International Strategic Ventures, Outwar, ABN Amro Ventures, Omers Ventures, and multiple other companies.
With this, the total investment value received by Primarybid reached $254 Million. The founders have not revealed the exact valuation as of now.
About Primarybid Company
Primarybid is based in London, United Kingdom as an investment-based financial services provider, founded in 2012. The co-founders of Primarybid are Anand Sambasivan, (who is also the Chief Executive Officer of the firm), James Deal (current COO), and Kieran DSilva( current CFO). Primarybid majorly deals in mobile-based investment in public offerings, so that people can invest in IPOs of companies along with other big investors. It is working on lessening the gap for the common people to invest in public companies after they announce their Initial Public offerings, promoting the concept of investment from retail investors.
According to Primarybid, retail investors can also invest at the same price as other professional or institutional investors. Companies such as Compass Group, Deliveroo, Aston Martin, Taylor Wimpey, and many more are available on the platform. It provides a not-so-hassling procedure for the users which includes creating an account, watching out for companies, applying to the desired company for fundraising and you will get the shares.
It has over 50 brokers on its platform and uses technology-enabled operations to bring a change in the investment history and market, offering ordinary citizens, a facility to invest in IPO and SPACs ( Special Purpose Acquisition Vehicles). Competitors of Primarybid include Kitafund, Funding Circle, Invest Sharia, Groventive, and others. Not limiting its services to the UK only, they are continuing to expand it to other countries such as The Netherlands and France.
Primarybid’s Chief Executive Officer, Anand Sambavisan statement
Chief Executive Officer, Anand Sambavisan said that Primary Bid is creating opportunities for retail investors to buy shares or invest in public offering companies. He added that “It’s a system in need of an upgrade.” According to Primarybid, their platform has hundreds of public offering companies onboarded. Anand announced that they are working on an idea, that “is too big to fail”.As the “Business to consumer” companies also want to offer their IPO to retail investors, there are a lot of controversies on the same regarding the growth and benefits, Primarybid said that B2C only forms a small portion of the transactions and investments, held to date on the platform and they are not the only ones benefited.
Primarybid ipos series softbank vision fund
This $190 Million funding round will be used by Primarybid to make a slight increase in the product base, the company is already offering and providing some other categories including retail bonds to invest in for people. Along with this, Primarybid is planning to expand the service area to other countries such as The Netherlands and other parts of Europe. With the upgradation in operational areas, they will have a wider customer base than before.
About Softbank Vision Fund Company
Softbank Vision Fund is a 2017-founded, investment subsidiary company of Softbank Group and participates in this deal as the chief investor. Currently headquartered in London, UK, Softbank Vision fund has global popularity.
Anthony Doeh of SoftbankVision fund Statement
Anthony Doeh of SoftbankVision fund said that with the assistance of Primarybid, the process of accessing and investing in stock becomes easy for common people too. He added that they feel excited to collaborate with Primarybid and looking forward to “adding significant value to their businesses”. Anthony also told in the statement about the eco-friendly and technology-based platform, used by Primarybid to carry out the operations as per primarybid ipos series softbank visionlundentechcrunch.
Other Investors who Investers In primarybid 190m series vision Funding
Coming to the other backers in this deal, London Stock Exchange is a stock exchange based in London, United Kingdom, founded in 1801. Molten Ventures is a venture capital investment company that originated in 2006 in London, UK.
Fidelity International Strategic Ventures is a popular fintech-based investment firm established in London, UK. The company started its operations in 2018. Outward is a venture capital funding start-up that majorly deals in funding rounds of the A and B series. Multiple other investment firms participate in this funding round.
On 26 October 2020, Primarybid closed a $50.1 Million investment round, a series B round which took participation from popular investors such as Molten Ventures, ABN Amro, and others. Before this, $8.6 Million have been put up by Primarybid on 2 September 2019 including investments from Pentech, and Outward as the prime investors, with some other backers.
In a continuously emerging sector such as Fintech, Primarybid paved a new way for retail investors to fund public offerings and is regularly upgrading and expanding its operations. With their further plan, the services will reach out to other people across Europe.