Capital markets technology firm, Globacap, has completed a US$21million Series B round to digitise and automate private capital markets.
Globacap says it will use the funding for its marketing and sales efforts and to expand into new regions to grow its customer base.
It also plans to expand its whitelabel product which digitises and automates processes throughout private capital markets. The product is currently used by the Johannesburg Stock Exchange (JSE), whichcontributed to the funding round.
Other investors included Moore Strategic Ventures LLC, Cboe Global Markets, GABI Ventures and Asia-focused investment firm, QBN Capital.
Established in 2017, Globacap streamlines time-consuming processes from issuance and ongoing administration, through to transferability and settlement of securities.
Commenting on the funding round, Alex Green, Globacap co-founder and chief commercial officer, says: “The completion of our Series B enables us to firmly accelerate our global scaling journey.
“We have a strong team, market validation from key clients across exchange groups, securities firms, private equity and other asset managers, and now validation from our investors, who are some of the world’s largest and most respected institutions.”
Myles Milston, co-founder and CEO of Globacap, adds: "We are bringing public markets-like infrastructure to private capital markets to improve access, boost liquidity and remove administrative burdens.
“Securing considerable backing from world-leading investors during a time of market turbulence, risk aversion and uncertainty is powerful validation of our mission to transform and drive efficiency in private capital markets. We’re in a unique position to grow through the current market turmoil, leading with strength as market conditions eventually improve."
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