SGX, Deutsche Börse and Creditease-backed electronic trading platform Trumid has achieved unicorn status following a $200m funding round led by Dragoneer.
Trumid, a US-based online bond trading service backed by corporate investors Creditease, Deutsche Börse Group and Singapore Exchange (SGX), closed a $200m funding round yesterday.
The round was led by Dragoneer Investment Group and included private equity group TPG as well as funds and accounts managed by BlackRock and by T. Rowe Price. Trumid is now valued at more than $1bn, according to Bloomberg.
Founded in 2014, Trumid runs an electronic trading platform called Market Center that is aimed at corporate bond market professionals. Traders can place initial bids anonymously before negotiating directly with those making credible offers.
The capital will enable Trumid to increase the number of trading protocols its platform supports, to expand Market Center into emerging markets and to enter additional regions such as Asia.
The company secured $60m in a May 2019 round led by Hillhouse Capital that also featured trading exchange operator SGX and Arbor Ventures.
SGX led a $53m round for Trumid in mid-2018 that included fellow peer Deutsche Börse. The latter’s corporate venturing arm, DB1 Ventures, had supplied $10m in 2017 to bring Trumid’s series C round, also backed by wealth management platform Creditease, to a $38m close.
The company had received $27m in a 2015 round led by Peter Thiel that included Soros Fund Management and Shumway Capital. It had collected an undisclosed round earlier the same year in a round led by Shumway and backed by 1/10 Capital.
