Equidate has rebranded to become Forge Global, Inc. (Forge). Forge is an online marketplace for pre-IPO securities, like Spotify, Lyft, 23 and Me and others. Forge reports having topped $1 billion in transactions.
Alongside the change of name Forge announced the expansion of its Series B funding round to $85 million as the marketplace seeks to expand globally and increase its range of services.
Forge states that over 250 private companies globally have valuations at or above $1 billion. More and more companies are choosing to remain private as long as possible due to the excessive cost of going public and the deep pool of private capital.
The on-going growth in the private markets is bolstering the demand for transparent and secure access to innovative young firms.
Under its new brand, Forge said it will be expanding the range of services it offers to companies, investors and strategic partners to help expand access to the private markets.
The most recent funding round was led by German reinsurance giant Munich Re.
Doctor Peter Roeder, Member of the Board of Management at Munich Re, said that his company originally partnered with Forge inn 2015.
“We have been pleased with the partnership,” said Doctor Roeder. “We are excited to become a strategic investor in the firm and demonstrate our support of Forge’s enabling secure and transparent access to the private markets”
The firm was initially funded by big name investors Peter Thiel and Tim Draper.
Draper explained that startups are staying private longer and raising more money than ever.
“Employees want liquidity for the blood, sweat, and tears they’ve invested in their companies and companies want to give it to them. Meanwhile, investors want access to the growth and value these companies are creating. It’s the perfect storm for Forge to come in and provide investors with access, employees with liquidity and companies with a way to make this happen. Everybody wins.”
Kelly Rodriques, CEO, Forge said their vision is to enable private companies and their employees to better manage liquidity across multiple funding events and to forge new connections between their clients through their technology, data and global set of relationships.
“Our new brand aims to speak more directly to this core value proposition”.
Forge said the rebranding follows a string of milestones in the last six months, including the hiring of a veteran CEO and CFO and the launch of an industry-first index tracker and accompanying fund: the Forge Tech30 Capped Index.
About Forge Global Inc.
Forge Global Inc. is a premier trading and settlement partner for a wide range of investors in the private markets. Established in 2014 as Equidate Inc, the company empowers investors and shareholders by enabling liquidity in the private markets. Forge, Inc. was founded by Y Combinator alumni and backed by top investors including Tim Draper, FT Partners and Munich Re. Forge Global’s platform allows shareholders and investors in privately held innovation firms to liquidate a portion of their shares and provides private and institutional investors access to top companies like Spotify, Lyft and 23 and Me before their IPO.