Appital, which stylises itself as the ‘Equity Capital Marketplace’, has raised an additional £1.7m in funding.
The capital was supplied by Frontline Ventures and a group of unnamed angel investors.
This investment follows last year’s £2.5m round, which was led by Frontline Ventures.
Appital is preparing for the launch of the ‘world’s first’ algorithmic bookbuilding platform, which is in partnership with pan-European MTF Turquoise.
Its platform enables the buyside community to originate and participate in liquidity discovery, price formation and execution opportunities in multiple days ADV in publicly listed equities. Institutional investors will have full transparency and maximum control over the bookbuilding and deal distribution process and drive liquidity in the marketplace.
The company recently completed successful integrations with EMS providers FactSet, FlexTrade and TS Imagine. It also integrated with executing brokers ein and Instinet, in anticipation of Appital’s imminent launch.
Through its partnership with Turquoise, buyside firms will be able to execute all deals through the Turquoise MTF, via a single point of access with straight-through processing to over 20 settlement ventures.
Frontline Ventures founding partner Shay Garvey said, “We are very happy to extend our funding to Appital ahead of its launch. Appital has a proven track record in securing partnerships with major EMS providers, executing brokers and a trading venue to address the lack of efficiency and control over existing bookbuilding and deal distribution processes.
“Their traction with global asset management firms is clear evidence of the need for their innovative solution for equity markets. We are delighted to back Appital’s vision.”
In other WealthTech news, Thalex, which offers stablecoin-settled crypto options and future, recently closed its Series A on €7.5m. Its platform offers BTC and ETH contracts with multi-collateral support, anchored trading fees, future rolls with dedicated order books and RFQs for multi-leg options and futures strategies, in any size.
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