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Funderbeam raises $2.6 million to propel startup financing

12 October 2016  |  4467 views  |  0 back of one dollar note

A blockchain-based startup for trading in growth companies founded by former Nasdaq Tallin stock exchange head Kaidi Ruusalepp has raised $2.6 million in a funding round led by Draper Associates, Thomson Reuters, and IQ Capital.

The two-year old Estonian company is looking to solve the problems faced by startups in securing financing in pre-IPO markets, by providing research and investment tools alongside a secondary market trading venue.

The new funding round comes just a week after Funderbeam announced an alliance with the Zagreb Stock Exchange (ZSE) to create a joint venture that will enable investors to invest in growth companies in South-east Europe and trade their investments.

Ivana Gazic, president of Supervisory Board at Zagreb Stock Exchange says the objective of the JV is to provide a platform for early stage companies that offers support across the full business lifecycle, from very early stage crowdfunding to VC funding through to a listing on the main market.

All assets traded across the secondary market platform will be notified and registered on a blockchain.

Funderbeam's Ruusalepp says the venture wants to have the first companies fundraising and trading this year and has extended an invitation to all startups and local accelerators and angel investors to apply.

“Funderbeam has created a solution for financing companies and trading their investments cross-border without unnecessary friction," he says. "We aspire to make this new funding and trading model global, and finding strong and reliable partners is part of our global ambition."

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