Appital, the Equity Capital Marketplace, today announced it has secured an additional £1.7 million investment from Frontline Ventures and various angel investors.
The investment follows last year’s £2.5 million round led by Frontline Ventures and additional funding from angel investors, bringing the total investment raised to date to £4.85 million. The fundraising comes ahead of Appoital’s launch of the world’s first algorithmic bookbuilding platform in partnership with Turquoise, the pan-European MTF, majority owned by London Stock Exchange Group.
The Appital 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. For the first time, institutional investors have full transparency and maximum control over the bookbuilding and deal distribution process, and can actively drive liquidity in the marketplace.
The latest funding follows the successful integration with EMS providers FactSet, FlexTrade and TS Imagine, and executing brokers Bernstein and Instinet, in anticipation of Appital’s imminent launch. Through the partnership with Turquoise, buyside firms will be able to execute all deals through the Turquoise MTF, via a single point of access and with seamless straight-through processing (STP) to over 20 settlement venues. These are all crucial steps to developing the necessary technology and market infrastructures to bring Appital’s innovative bookbuilding platform to equity markets participants.
Over 30 asset managers, collectively managing more than US$30 trillion, have joined or are in the process of joining Appital. In addition, Appital is proactively engaging with additional global, regional and specialist asset managers to increase the depth of available opportunities and liquidity within the platform.
