Axial, a US-based network for professionals who run, advise and finance private companies, received $11m on Tuesday in a series B round led by Comcast Ventures, the corporate venturing arm of cable television supplier Comcast.
Venture capital firms Redpoint Ventures and First Round also participated in the funding, together with assorted Axial members.
Axial’s website connects private companies to a qualified network of investment professionals and financial intermediaries. The capital will be used to grow the platform whiole making it more accessible to middle market companies that want to access capital.
Peter Lehrman, chief executive of Axial, said: “Despite its size and importance, middle market business owners suffer from tremendous inefficiency when trying to access capital. Axial is built from the ground up to focus on organising the capital markets that enable this vital economic engine to grow.”
The company raised $6.5m in a series A round in 2012 from Redpoint Ventures, Cove Point Holdings, First Round Capital and Windcrest Partners. It previously closed a $2m seed round in 2010 from First Round and Windcrest.