Trumid, the US-based operator of a digital bond trading network, secured approximately $60m yesterday in a funding that included participation from trading exchange operator Singapore Exchange (SGX).
Hedge fund manager Hillhouse Capital led the round, which also featured venture capital firm Arbor Ventures. SGX had previously led a $53m round for Trumid in September 2018 that included Germany-based counterpart Deutsche Börse Group.
Founded in 2014, Trumid has developed an electronic trading platform that is used by corporate bond market professionals to trade directly with each other. More than 425 buy-side and sell-side institutions use the service, which was created to improve liquidity in fixed income markets.
Proceeds from the round will be used to accelerate expansion of the company’s US corporate bond business, with a portion of the capital being set aside for protocol and product development.
DB1 Ventures, the corporate venturing arm of Deutsche Börse, invested $10m in Trumid in 2017, increasing its series C round to $38m. Wealth management platform Creditease’s Fintech Investment Fund had provided an undisclosed amount of funding as part of the round in March the same year.
Trumid secured $27m in a 2015 round led by private investor Peter Thiel that included Soros Fund Management and Shumway Capital, which had led a funding round of undisclosed size for the company earlier in the year, investing alongside 1/10 Capital.