"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."A lack of access to public markets at the same price point as institutional investors was "unfair," according to Sambasivan.
"Covid has been an accelerant to the trend we already saw," she told Business Insider in an interview. "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." 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. 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.
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