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London,– Proxymity, a UK-based digital investor communications platform, has recently closed a successful Series B funding round, securing an impressive €27.5 million from an existing consortium of investors. The company, which was launched in April 2020, has witnessed remarkable growth for its platform, and this new investment will enable it to further enhance and expand its product offerings.
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Revolutionizing Investor Communications
Proxymity has emerged as a trailblazer in the field of digital investor communications. By providing digital access to over 12,000 meetings in 29 global markets, the company has established itself as a leader in the industry. With the latest funding round, Proxymity’s total raised capital now amounts to €45 million from two successful funding rounds.
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The CEO and Co-Founder of Proxymity, Dean Little, expressed enthusiasm about the new funding, emphasizing its significance in expanding their product and global market footprint. As the world rapidly digitizes and businesses seek to engage with investors more efficiently, Proxymity’s platform is well-positioned to address these needs.
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Seizing Opportunities in a Rapidly Evolving Landscape
The investor relations landscape is undergoing transformative changes driven by digitization, regulation, and global expansion. While Proxymity enjoys the backing of major financial institutions, digital investor communications had previously remained an unexplored territory. However, with the increasing focus on digitization within investor relations, the significance of digital distribution cannot be underestimated.
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Proxymity recognized this shift early on and has been at the forefront of delivering innovative solutions in digital global investor communications. The company’s commitment to revolutionizing the industry ecosystem has earned it the confidence of its investors and enabled it to raise substantial capital to pursue its vision further.
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The Genesis of Proxymity
Proxymity was conceived through Citi’s D10X accelerator program, which supports the ideation, development, and launch of new concepts by Citi employees. Founded by Dean Little and Jonathan Smalley, both veterans of Citi’s custody business with extensive industry experience, Proxymity aimed to reinvent proxy voting within the existing corporate governance framework.
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The co-founders envisioned a platform that would bring unparalleled efficiency and transparency to the market. While Citi provided support for the program, Little and Smalley envisioned Proxymity as an independent business backed by the industry as a whole, not just one company. Their vision became a reality when some of the world’s largest financial institutions jointly invested in Proxymity, transforming it into an independent entity.
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Proxymity’s Product Offerings
At present, Proxymity offers two main products: Proxymity PV and Proxymity ID. Proxymity PV is a fully digital proxy voting solution that enables real-time transmission of meeting data, votes, and more. On the other hand, Proxymity ID provides a fully automated shareholder disclosure solution that facilitates regulatory compliance.
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The platform’s journey began in the UK in 2018, following a collaborative pilot partnership with Computershare. Leveraging its proprietary digital network, Proxymity seamlessly connects issuers, intermediaries, and investors, bringing unprecedented transparency to the voting process and automating responses to shareholder ID requests.
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Additionally, Proxymity ensures compliance with all the security and data protection guidelines outlined under the European Union’s second Shareholder Rights Directive (SRD II) regulation, safeguarding shareholder rights.
Growth Supported by Industry Giants
Proxymity boasts an impressive roster of investors, including some of the biggest names in banking, financial services, and investment banking. The recent Series B funding round saw participation from original consortium investors such as BNY Mellon, Citi, Computershare, Deutsche Bank, Deutsche Börse, J.P. Morgan, and State Street, all of whom reaffirmed their commitment to Proxymity’s vision for enhancing global investor communications.
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Caroline Butler, Global Head of Custody, Tax & Network at BNY Mellon Asset Servicing, expressed excitement about Proxymity’s transformative impact on investor communications, highlighting the transparency and efficiency it brings to the industry. Similarly, Hannah Elson, Head of Global Custody at J.P. Morgan, emphasized the firm’s continued partnership with Proxymity and their shared vision for advancing digital communications throughout the industry ecosystem.
Conclusion
Proxymity’s latest funding milestone marks a significant step forward in its journey to redefine digital investor communications. With the support of its visionary co-founders, committed investors, and an innovative product suite, the London-based company is poised to become a major player in the rapidly evolving global investor relations landscape.
As Proxymity expands its platform and reaches into new markets, the entire industry stands to benefit from increased efficiency, transparency, and compliance in investor communications. The company’s dedication to reshaping the investor relations ecosystem promises a more connected and digitally empowered future for businesses and investors worldwide.