UK-based techfin company, Digital Debt Capital markets Ltd. (DDCM), recently raised around $5.55 million in its second funding round, according to an announcement.
Further, it has been notified that this seed funding round of the company was led by IPGL Ltd. (Lord Spencer’s private investment group).
R3 CEO Participates In DDCM’s Funding Round
There had been many companies and investors that have lent their support to DDCM. One of the investors, who was part of this seed funding round is David E. Rutter, the founder and CEO of R3.
In September 2019, the company organized its first seed funding round where it raised around $3.2 million. After that DDCM started its collaboration with some of the most important bond market participants like issuers, lead managers, lawyers and multiple service providers.
As per the report, the raised fund will be used by the company to expand its marketing staff, user support staff and for the further development of the software.
DDCM Completes Its Initial Development
While talking about the second seed funding round, the Co-Founder and the CEO of DDCM, Charlie Berman, stated, “We warmly welcome our new shareholders – all of whom have either highly distinguished careers in financial services or outstanding track records in building significant businesses and creating substantial shareholder value.”
He further expressed his gratitude towards those companies who have collaborated with the DDCM and stated that during the time of the pandemic, those companies have collectively performed miracles in the market.
Berman also mentioned that with the help of bond market participants, the techfin company has been able to complete its initial development during this COVID-19 crisis.
This time period is considered to be the most challenging time for anyone around the world, still, those companies, who have collaborated with DDCM, remained committed towards time and resources.
The companies that have collaborated with DDCM are hoping to enhance the bond market functioning so that all of its participants could enjoy the market benefits.