MarktoMarket has raised more than £1.7 million in equity finance.

A consortium comprised of 24 Haymarket, Techstart Ventures and Par Equity backed MarktoMarket in its latest funding round, alongside new commitments from existing shareholders, which include the leaders of a FTSE 250-listed IT services business and professionals from investment banking, private equity and fund management.

Under the deal MarktoMarket has also secured Cahal Dowds as a non-executive director. Dowds is former vice chairman of Deloitte UK and currently head of private markets and chair of advisory corporate finance at the auditor, as well as an investor with 24 Haymarket.

MarktoMarket chief executive Lawson said: “This funding from a seasoned consortium of investors is a great endorsement of the technical and commercial progress the team has made since founding the business. This capital injection unlocks the next stage of our growth into new markets and I hope will help us cement our growing reputation as a must-have product for private capital market operators.”

Dowds added: “From my experience of working in private capital markets I was acutely aware of the inefficiencies and missed opportunities that come from operating with poor quality data. MarktoMarket immediately resonated with me as a platform that could supercharge the industry’s effectiveness and I had no hesitation in both investing via the 24 Haymarket network and accepting a position on the board.”

Ian Gray, co-founder of 24 Haymarket, described the platform as a “must-have tool for corporate finance, tax and private equity practitioners”.

Read the full article on the Scotsman.