Citi spin-out Proxymity raises $31m in Series B funding round
Proxymity, a UK-based digital investor communications platform, has raised $31 million in its Series B funding round.
Original consortium investors BNY Mellon, Citi, Computershare, Deutsche Bank, Deutsche Börse, JP Morgan, and State Street all participated in the round.
The platform was incubated in Citi and launched in the UK in 2018, following a collaborative pilot partnership with Computershare. Proxymity was then spun out by Citi in April 2020.
In addition to its HQ in London, the firm has customer hubs in Manchester, UK, and Melbourne, Australia and a technology and R&D team in Tel Aviv, Israel.
Proxymity connects issuers, intermediaries, and investors via its proprietary digital network. Its services include real-time and fully transparent digital proxy voting and shareholder disclosure, automating shareholder ID requests in industry compliant formats without the need for any manual intervention.
This means that investors receive “golden source” meeting announcements in real time and are able to vote up until the market deadline. This can add up to six extra days to enable research and decision-making when compared to existing market solutions, according to Proxymity.
The company says it has delivered significant growth since launch in April 2020, providing digital access to over 12,000 meetings in 29 markets worldwide.