Bond Trading Platform Trumid Nabs $50M Top-Up Round
After closing a $200 million round in August 2020, the online bond trading platform Trumid has topped up its coffers…
After closing a $200 million round in August 2020, the online bond trading platform Trumid has topped up its coffers with a new $50 million round co-led by new investor DST Global and existing backer Dragoneer Investment Group.
The $50 million round is a secondary round, all being used to buy stakes from current existing shareholders and not going to the company. It values Trumid at $1.4 billion, compared to $1 billion when it closed the $200 million round last year.
The $50 million round comes at a time of very good fortunes for Trumid, with the company stating that its Market Center trading platform has experienced 374% year-over-year volume growth. Trumid has boosted its client network to 530 institutions and the number of traders on its platform by 129% over the year.
This month, Trumid entered into a strategic partnership with the banking giant Goldman Sachs to provide trading services to Goldman’s clients.
With the new round co-led by DST Global and Dragoneer, Trumid has now eaten up a total of over $450 million in outside funding. Save for DST and Dragoneer, other notable investors in the company include BlackRock, TPG, T. Rowe Price, Palantir founder Peter Thiel, and the hedge fund tycoon George Soros.