Nasdaq Private Market (NPM), a leading provider of liquidity solutions to private companies, their employees and investors, today announced that it has closed its Series B financing.
The $62.4 million round was led by Nasdaq with participation from existing investors including Allen & Company, Citi and Goldman Sachs. New investors in the Series B include BNP Paribas, DRW Venture Capital, UBS and Wells Fargo.
Since delisting from Nasdaq in 2021, NPM has operated independently through an industry-backed consortium with a mission to develop cutting-edge technology to accelerate the availability of secondary liquidity in private equity through its high-integrity trading, settlement and data platform. NPM serves some of the world’s most innovative private companies with their liquidity needs for employees and institutional investors.
The firm has executed more than $50 billion in trade value across 650 firm-sponsored liquidity programs and trading blocks.
NPM’s primary business areas include Enterprise Solutions, SecondMarket™ Trading Marketplace, Transfer and Settlement, and Tape D™ Data and Analytics. Its Enterprise Solutions business supports private companies that use proprietary technology to facilitate tenders, auctions and pre-IPO programs.
NPM’s next-generation SecondMarket™ e-trading brings transparency and efficiency to the private equity trading deck with a model fully aligned with the interests of private companies. Our patent-pending Transfer and Settlement technology simplifies the complex, burdensome process of post-match workflows for companies and trading counterparties. NPM’s Tape D™ product will aim to meet the market’s need for reliable information on the trading activities and valuations of private companies for employees and investors.
“We are proud to secure the support of this distinguished group of partners, who share NPM’s passion to transform, modernize and institutionalize private markets. For too long, this $3.5 trillion asset class has been defined by inefficiency, illiquidity and information asymmetry. This funding enables us to continue building the critical infrastructure needed to accelerate the evolution of private markets in the modern era of efficient, transparent and regulated electronic markets,” said Tom Callahan, CEO of Nasdaq Private Market. “With many companies choosing to remain private longer, this mission is essential to maintaining a strong and sustainable innovation economy.”
“Nasdaq is pleased to lead NPM’s latest funding round, accelerating our shared vision to advance the maturity and efficiency of private markets in a way that supports our issuer, investor and customers,” said Gary Offner, Senior Vice President and Head of Nasdaq Ventures, Nasdaq, and Chairman of the Board of Directors of Nasdaq Private Market. “This investment demonstrates our commitment to bringing deeper liquidity, transparency and integrity to the private markets and represents our support for the world’s most innovative companies on their full lifecycle journey from private to public.”