The investment enables the company to aggressively expand its sales and marketing efforts as well as accelerate IT product development.

Pentech invests in startups that are building category leading software and are capable of becoming global companies. With notable investments in other UK fintech companies, including Nutmeg (which recently closed a £45m funding round led by Goldman Sachs), Pentech has a deep understanding of democratisation in financial services and is an ideal fit to lead the investment round.

Outward VC invests in early stage fintech companies that focus on large global market opportunities. Backed by Investec Bank, NIBC and other international investors, Outward VC works closely with its portfolio companies to help them leverage its global network and domain expertise in financial services. Notable investments include fast growing UK fintechs such as Monese, Curve and Bud.

Craig Anderson, a partner at Pentech, will join the PrimaryBid Board of Directors with Outward VC having a Board Observer seat.

The Series A financing builds on an exceptional year for PrimaryBid. The company made key executive appointments and achieved its ambition to extend its services beyond the UK with an exclusive, long-term commercial agreement with Euronext, the leading pan-European exchange in the Eurozone. The partnership gives the company access to nine new geographies, with the first new site launching in France later this year.

Commenting on the funding round, Anand Sambasivan, co-founder and CEO of PrimaryBid, said: “We are on a mission to democratise public equity offerings. Everyday investors are a vital part of the stock market and yet unable to buy discounted share deals - a longstanding imbalance in the public markets. This is true whether it is a government selling down its holding in a large company or a quoted company is raising growth capital. Our online platform addresses this challenge, giving small investors the same access as traditionally afforded to large institutional investors. We are grateful for the backing of our lead investors as well as our other institutional and angel investors. With their support we are confident of executing our vision quickly and efficiently.”

Craig Anderson of Pentech said: “We believe equity capital markets infrastructure is dominated by an institutional focus and is not geared for retail investors, which unfairly restricts consumer access to the primary equity markets. PrimaryBid addresses this problem by using technology to democratise the equity capital markets to provide a new asset class to retail investors. We are very excited to be working with Anand and the PrimaryBid team to help realise that mission.”

Kevin Chong of Outward VC said: “By bringing publicly listed companies directly to ordinary investors, PrimaryBid addresses increasing frustrations felt by equity issuers and potentially expands global equity markets to the benefit of all players - investors, issuers and investment bank advisers. It’s the future of equity capital markets and Anand and the team have been very impressive in their execution. We look forward to supporting PrimaryBid through a high growth, internationalisation phase.”