Trumid, a financial technology company and fixed income electronic trading platform, has announced the completion of a $200 million growth capital investment led by Dragoneer Investment Group. TPG and funds and accounts managed by BlackRock and T. Rowe Price Associates, Inc. joined Dragoneer as new Trumid investors.
“Our investors are established experts in both technology and capital markets,” said Ronnie Mateo, CEO of Trumid. “They have deep experience working with companies like Trumid to realize the full scope of our vision. We’re thrilled to have them on our team.”
Trumid has experienced extraordinary growth in activity on the trading platform, with volumes up nearly 500% in 2020 across its network of over 500 institutions. The growth capital from this financing will support broadening of Trumid’s trading protocols and expansion into adjacent products and geographies. Trumid’s fixed income market expertise, dynamic technology architecture and focus on UI/UX allows the company to deliver its users an ecosystem of trading tools in a uniquely efficient way. “We work with our clients to implement scalable solutions quickly and build a robust community” added Mateo. “With our scaled network, top-notch technology and the capital to expand those efforts, we’re excited to deliver on the next round of great ideas.”
Trumid has differentiated itself by collaborating with market participants to create innovative trading solutions. Since its launch one year ago, Trumid’s Attributed Trading (AT) protocol has established a dominant position in dealer streaming and bilateral dealer-client trading. Trumid’s Market Center platform receives streamed liquidity on over 10,000 bonds daily and 370 users from the sellside and buyside have transacted bilaterally using the AT protocol.
“Trumid’s innovative approach and excellent technology have clearly delivered value to its clients and driven strong growth” said Marc Stad, Founder and Managing Partner of Dragoneer. “At Dragoneer, we focus on partnering with exceptional teams that are building truly differentiated businesses in large markets and are excited to support Trumid as they expand the platform.”
“The U.S. corporate bond market is in the early stages of embracing technology and automation,” said Jon Winkelried, Co-CEO of TPG. “This will add real benefit in terms of operational efficiency and liquidity of securities. Trumid is uniquely positioned to fundamentally change how buyside and sellside dealers interact and execute trades. We’re pleased to partner with their innovative team and look forward to supporting the company in its next phase of growth.”
Financial Technology Partners (“FT Partners”) served as exclusive financial advisor to Trumid on the transaction.
Trumid is a financial technology company bringing efficiency, connectivity and access to credit trading through innovative technology and product design. Trumid’s product ecosystem leverages data and the power of the network effect to create transparency, liquidity and efficient trade execution. Trumid Market Center, the company’s electronic trading platform, connects corporate bond market professionals to a broad network of liquidity and provides a range of trading protocols to access it. For more information, visit www.trumid.com .
About Dragoneer Investment Group
Dragoneer is a growth-oriented investment firm with over $10 billion in long-duration capital from many of the world’s largest endowments, foundations, sovereign wealth funds, allocators, and family offices. Dragoneer has a history of partnering with management teams in companies characterized by sustainable differentiation and superior economic models. The firm has a global orientation and invests in market leaders, primarily in the financial services and technology sectors.