Primary Portal, a digital platform that aggregates and digitises equity capital market processes for banks and asset managers, has completed the first stage of its £7.5 million Series A funding round led by the venture capital arm of Deutsche Börse.
DB1 Ventures was joined by existing shareholders Dutch Founders Fund and Flow Traders in the raise for Primary Portal, the London-based startup founded by equity capital markets veterans John Bentinck and Ilan Leshem.
With over 90 banks and 400 institutional investors using the platform, Primary Portal is digitising the still largely analogue, labour-intensive and error-prone equity issuance space by creating the infrastructure that makes capital markets systems interoperable.
The firm says it will use the finding to expand its offering, particularly by connecting asset managers' order management systems with banks and providing data and analytical tools.
Stefan Maassen, head, capital markets and corporates, Deutsche Börse, says: "By digitising communication and workflows, Primary Portal paves the way for efficient connectivity between asset managers and banks in equity issuances, improving the process for companies to raise capital."