We have advised BMLL Technologies (BMLL) on its $26 million Series B funding round led by Nasdaq Ventures, FactSet and IQ Capital's Growth Fund, supported by ACF Investors and other existing investors.
BMLL provides historical Level 3 data and analytics to the world’s most sophisticated capital market participants. BMLL clients, including banks, brokers, asset managers, hedge funds and global exchanges, can access BMLL’s order book data and analytics enabling them to derive predictive insights, backtest strategies to generate alpha and gain an understanding of how markets behave.
The investment will help BMLL deliver on its razor-sharp focus on customer needs for more data coverage across an increasing number of global markets. The funding will support investment in acquiring new data sets globally; growing the BMLL engineering capabilities to integrate these new data and analytics capabilities into existing products for an ever-expanding universe of customers; and building on the existing presence in North America with the opening of an office in New York.
The funding news comes at a time of rapid growth for the company. BMLL has significantly grown its revenues over the last 12 months; added Tier 1 clients, including investment banks, exchanges, buy-side firms, academics and regulators; expanded into the futures market; and launched its flagship product BMLL Vantage for EU and US equities and ETFs.
Commenting on the deal Howard Palmer, corporate technology partner, said: "BMLL go from strength to strength - this latest funding round involving household names investing in the company is a testament to BMLL's impressive performance and future growth plans. We look forward to seeing BMLL's expansion of its data capabilities and US footprint."
Paul Humphrey, CEO of BMLL Technologies, said: "We are absolutely delighted to have secured $26 million in our Series B funding round. Taylor Wessing has a market-leading venture capital team, and their expert advice ensured the funding round was a success for all involved.
"The investment is testament to the increasing need for more sophisticated tools to understand how markets truly behave and drive performance. Our granular Level 3 data and analytics capabilities help market participants unlock the full potential of the predictive power of historic pricing data and make more informed decisions."
The team was led by partner Howard Palmer with support from senior associate Richard Faichney and associate Jack Turner in the corporate technology; partners Liz Wilson and Ann Casey, senior counsel Clare Smith and senior associate Karen Bail in the tax and incentives team; and partner Paul Callaghan and senior counsel Joe Aiston in the employment team.
