Appital, the equity capital marketplace, announced it has secured an additional £1.7m investment from Frontline Ventures and various angel investors to bring technological innovation and automation to the equity markets. The investment follows last year’s £2.5m round led by Frontline Ventures and additional funding from angel investors, bringing the total investment raised to date to £4.85m. This comes ahead of the launch of the world’s first algorithmic bookbuilding platform in partnership with Turquoise, the pan-European MTF majority-owned by the London Stock Exchange Group.
We are pleased to announce that we have secured an additional £1.7m of investment from @FrontlineVC to bring technological innovation and automation to the public stock marketshttps://t.co/pTLYr6EASt #fintech #Investment pic.twitter.com/eQ3qn0nGQn
— Appital (@AppitalHQ) August 9, 2022
The Appital platform enables the buyside community to generate and participate in liquidity discoveries, pricing and execution opportunities in multiple days of ADV in publicly traded 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 market.
The recent funding follows successful integration with EMS providers FactSet, FlexTrade and TS Imagine, as well as executing brokers Bernstein and Instinet in anticipation of Appital’s upcoming launch. By partnering with Turquoise, buyside firms can execute all trades through the Turquoise MTF through a single point of access and with seamless straight-through processing (STP) to over 20 settlement venues. These are all critical steps in developing the necessary technology and market infrastructure to bring Appital’s innovative bookbuilding platform to equity market participants.
Shay Garvey, Founding Partner of Frontline Ventures, commented: “We are very pleased to expand our funding ahead of the launch of Appital. Appital has a proven track record of 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 appeal with global wealth management firms is a clear testament to the need for their innovative solution to the equity markets. We are excited to support Appital’s vision.”
Mark Badyra, Appital’s chief executive officer, said: “This is a very exciting time for our business. Leading up to our launch, we forged partnerships and built a technological infrastructure to support a new buyside workflow, giving firms control over their bookbuilding processes and integrating a highly manual activity into an automated, algorithmically driven platform.”
Badira added: “We are thrilled to have received additional investment from Frontline Ventures and our group of angel investors. Additionally, we are very encouraged by the market’s response to our vision to provide buyside firms with new ways to proactively source and interact with hard-to-find liquidity.”
Over 30 wealth managers, collectively managing more than $30 trillion, have joined or are in the process of joining Appital. In addition, Appital is proactively working with additional global, regional and specialist wealth managers to increase the depth of available opportunities and liquidity within the platform.