US-based online bond trading platform Trumid closed a $208m financing round on Tuesday featuring trading exchange operator Singapore Exchange (SGX) at a valuation it told the Financial Times was $2.4bn.
The round was led by Point Break Capital Management and included Motive Partners, Senator Investment Group, Phase2 Partners, DST Global, TPG, Dragoneer Investment Group, BlackRock and T Rowe Price.
Trumid operates an online platform for corporate bond market investors to trade directly with one another. It claims average trading volume has increased by 71% year-on-year and is now almost seven times the level it was at just two years ago.
The company will use the proceeds from the round to further develop its platform and move into new asset classes and geographical areas.
DST Global and Dragoneer Investment Group co-led a $50m round for Trumid in January this year, Dragoneer having led a $200m round in August 2020 featuring SGX, online lending platform developer Creditease, trading exchange operator Deutsche Börse Group, BlackRock, T Rowe Price and TPG.
Deutsche Börse had taken part in a $60m Hillhouse Capital-led round in mid-2019 alongside Arbor Ventures after co-leading a $53m round with SGX the previous year.
The 2018 round came after Deutsche Börse made a $10m investment in the company in 2017 through corporate venturing unit DB1 Ventures to expand a series C round backed by Creditease’s Fintech Investment Fund to $38m.
Trumid had received $27m in a Peter Thiel-led round in 2015 that also featured Soros Fund Management and Shumway Capital, followign an undisclosed amount from Shumway Capital and 1/10 Capital earlier the same year.
Mike Sobel, Trumid’s president, said: “Strong partnership with our community of clients and investors is how Trumid drives sustainable innovation and value.
“We are thrilled to bring in investors whose expertise matches our strategic priorities. Credit market structure is evolving quickly and we are excited to run hard at the big growth opportunities in front of us.”
