AAA IEX swaps equity for $75m

IEX swaps equity for $75m

US-based equity trading platform operator IEX has raised $75m in a series C round featuring MassMutual Ventures, the corporate venturing unit of insurance company MassMutual.

Venture capital firm Spark Capital led the round, which also included participation from Bain Capital Ventures, Franklin Resources, and private investors Jim Clark and Steve Wynn.

IEX operates an equity trading venue that only accepts funding from ‘buy-side’ investors, aiming to eliminate the practice of high frequency trading. It will use the financing to pursue registration as a national exchange in the US, to promote its brand and expand market position.

The company raised $24.4m in series B funding in 2013 from undisclosed investors, after securing $1.5m in a series A round the previous year.

IEX Group chief executive Brad Katsuyama, said: “We are encouraged by our recent growth, which has been driven by both investors and their brokers. This additional capital enables us to build and operate a world-class stock exchange.”

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