Citi spin-out Proxymity raises $ 31 million in Series B funding round

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Proxymity, a UK-based digital communications platform for investors, raised $ 31 million in its Series B round of funding.

Citi spin-out Proxymity raises $ 31 million

Original investors from the BNY Mellon consortium, Citi, Computershare, Deutsche Bank, Deutsche Börse, JP Morgan and State Street all participated in the round.

The platform was incubated at Citi and launched in the UK in 2018, following a collaborative pilot partnership with Computershare. Proximity was then launched by Citi in April 2020.

In addition to its headquarters in London, the company has customer centers in Manchester, UK, and Melbourne, Australia, as well as a technology and R&D team in Tel Aviv, Israel.

Proxymity connects issuers, intermediaries and investors via its proprietary digital network. Its services include real-time, fully transparent digital proxy voting and shareholder disclosure, automating shareholder ID requests in industry-compliant formats without any manual intervention.

This means investors receive real-time “source of gold” meeting announcements and can vote until the market deadline. This can add up to six additional days to allow research and decision making against existing solutions in the market, according to Proxymity.

The company claims to have experienced significant growth since its launch in April 2020, providing digital access to more than 12,000 meetings in 29 markets around the world.

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