May 8, 2020 / 4:01 AM / in 2 months

Estonian startup bourse launches 24/7 trading of private companies

TALLINN, May 8 (Reuters) - Venture-funded Estonian company Funderbeam launched on Friday real-time clearing and 24/7 trading, aiming to boost trading volumes on its global secondary market for trading in private companies.

The trading platform has raised $15.8 million from investors including Tim Draper, Mistletoe and Refinitiv who hope it could solve liquidity problems of early stage investment.

So far 39 companies are trading on Funderbeam and over 15,000 verified investors have signed up from 130 countries. However, it has exchanged only 27,000 trades since its 2016 launch, valued in total at 5 million euros ($5.4 million).

“The trading industry is based on the economy of volumes,” said Kaidi Ruusalepp, Funderbeam’s founder and chief executive.

“This drove us to make ourselves independent from post-trade intermediaries, so that we could easily expand across the borders, and serve large volume because of our reach,” she said.

Last year Funderbeam obtained two financial services licenses from Singapore authorities, which enabled it to offer a global secondary market for private firms. ($1 = 0.9234 euros) (Reporting by Tarmo Virki; Editing by Lisa Shumaker)

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