Estonia, EU – Baltic States, Financial Services, Funds, Good for Business, Internet, Investments, Technology
International Internet Magazine. Baltic States news & analytics
Saturday, 20.04.2024, 12:36
Estonian funding and trading platform Funderbeam raises USD 4.5 mln
The round was led by UK-based Accelerated Digital Ventures (ADV), with participation from new investors GK-Plug and Play Indonesia, Pandan Ventures, and existing investors Draper Associates, Draper Venture Partners, IQ Capital, and Mistletoe, Funderbeam said.
"The capital raised helps strengthen our offering on target markets, expand to Asia and build a strong secondary market," CEO and founder of Funderbeam Kaidi Ruusalepp said.
The company has also announced that co-founder Urmas Peiker will leave the company to focus on his mission to change the capital markets in developing markets with a focus on Brazil.
"Urmas has been contributing a lot to Funderbeam's business model and success. We thank him and wish all the best in his new journey," Ruusalepp added.
Funderbeam aims to fill in the gap in venture and SME capital markets by providing access and liquidity to growth investments. To date, Funderbeam has 37 high-growth portfolio companies on the marketplace, and has onboarded more than 10,000 verified investors across 119 countries. 2.2 mln US dollars' worth of investment shares have exchanged hands on its secondary marketplace.
The funding will help the company develop a strong secondary market offering as well as further expansion into Asian markets and continental Europe. Last year, Funderbeam expanded to the UK, established a base in Singapore, and increased its presence in the Nordics. The business employs 35 people in five offices around the world, and said it is hiring staff to keep up with its plans for growth.
ADV's investors are British Business Bank, Legal & General and Woodford Investment Management. This investment was from ADV's British Business Bank ECF fund.