Nasdaq Private Market (NPM), a leading provider of liquidity solutions to private companies, their employees, and investors, announced today that it has closed its Series B financing.
The $62.4 million round was led by Nasdaq with participation from current 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 its spinout from Nasdaq in 2021, NPM has operated independently through an industry-backed consortium with a mission to deploy cutting-edge technology to accelerate the availability of secondary liquidity in private shares through its high-integrity trading, settlement, and data platform. NPM services some of the world’s most innovative private companies with their liquidity needs for employees and institutional investors.
The company has executed more than $50 billion in transactional value across 650 company-sponsored liquidity programs and block trades.
NPM’s primary business lines include Company Solutions, SecondMarket™ Trading Marketplace, Transfer and Settlement, and Tape D™ Data and Analytics. Its Company Solutions business supports private companies using proprietary technology to facilitate tenders, auctions, and pre-direct listing programs.
NPM’s next-generation SecondMarket™ electronic trading marketplace is bringing transparency and efficiency to the block trading of private shares with a model fully aligned with the interests of private companies. Its patent-pending Transfer and Settlement technology streamlines the complex, burdensome process of post-match workflows for companies and trading counterparties. NPM’s Tape D™ product will aim to deliver on the market’s need for actionable insights into trading activity and private company valuations for employees and investors.
“We are proud to secure the support of this prestigious group of partners, who share NPM’s passion to transform, modernize, and institutionalize the private markets. For too long, this $3.5 trillion asset class has been defined by inefficiency, illiquidity, and information asymmetry. This financing enables us to continue to build the critical infrastructure required to accelerate the evolution of the private markets into the modern age of efficient, transparent, and regulated electronic marketplaces,” said Tom Callahan, Chief Executive Officer, Nasdaq Private Market. “With many companies electing to stay private longer, this mission is essential to sustaining a robust and viable innovation economy.”
“Nasdaq is pleased to lead NPM’s latest funding round, accelerating our shared vision of advancing the maturity and efficacy of the private markets in a manner that supports our issuer, investor, and sell-side clients,” said Gary Offner, Senior Vice President and Head of Nasdaq Ventures, Nasdaq, and Chairman of the Board of Managers, Nasdaq Private Market. “This investment demonstrates our commitment to bringing deeper liquidity, transparency, and integrity to the private markets, and represents our support of the world’s most innovative companies for the full lifecycle of their journey from private to public.”
