BMLL, the leading independent provider of harmonized historical Level 3 data and analysis for global equity and futures markets, announced today that it has secured a $26 million Series B investment in its latest funding round Has. The round was led by Nasdaq Ventures, FactSet and IQ Capital’s growth fund, supported by ACF Investors and other new and existing investors.
BMLL provides historical Level 3 data and analysis to the world’s most experienced capital market participants. BMLL clients, including banks, brokers, wealth managers, hedge funds and global exchanges, can access BMLL’s order book data and analytics, enabling them to derive predictive insights, create backtest strategies to generate alpha and gain understanding win how markets behave.
The investment will support BMLL in realizing its razor-sharp focus on customer needs for increased data coverage in an increasing number of global markets. The funding will support investments in the acquisition of new datasets worldwide; Expanding BMLL’s technical capabilities to integrate these new data and analytics capabilities into existing products for an ever-growing customer universe; 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 increased its revenue over the past 12 months; additional Tier 1 clients including investment banks, exchanges, buy-side firms, academics and regulators; extended to the futures market; and launched its flagship product BMLL Vantage for EU and US stocks and ETFs.
said Paul Humphrey, CEO of BMLL: “We are very pleased to have secured $26 million in our Series B funding round. The investment is a testament to the increasing need for more sophisticated tools to understand how markets really behave and drive performance. Our granular Level 3 data and analytics help market participants unlock the full predictive power of historical price data and make more informed decisions.”
Gary Offner, senior vice president and head of Nasdaq Ventures, said: “Nasdaq Ventures is committed to investing in financial technology companies that align with our vision of reinventing tomorrow’s markets. By democratizing access to the most detailed data and analytics, all market participants can benefit from BMLL’s solutions and we look forward to supporting their continued growth.”
Jonathan Reeve, executive vice president, head of content and technology solutions at FactSet, said: “Data-driven decisions are the lifeblood of our industry and the driving force behind our product development and the collaborations we have built. FactSet is pleased to support the growth and success of BMLL, which shares our commitment to empowering the financial community to make more informed investment decisions through access to quality data and analysis. We are excited to invest in BMLL and its order book data and analytics platform which provides market participants with a detailed understanding of market movements.”
Kerry Baldwin, Co-Founder, Managing Partner of IQ Capital: “IQ Capital led the seed round of BMLL and continued to support the company in its very first phase. We supported and worked closely with BMLL’s extraordinary leadership team to develop their groundbreaking deep tech product that democratizes access to Level 3 data for the entire industry. Our latest investment from our growth fund, which supports outperforming companies in our portfolio, will fuel the company’s continued growth and international expansion.”
Paul Humphrey, CEO of BMLL, concluded: “It has been our mission to democratize access to Level 3 data and analytics, and the recent funding will support our goal of bringing these insights to a wider audience. We are very proud of the outstanding industry recognition we have earned over time, and I want to thank my team for their unwavering commitment to customer service, our valued customers for their support, and our investors for supporting our vision.”
During the last 12 months BMLL alone was on an accelerated growth path that secured a number of significant customers and collaborations. BMLL cites the Financial Conduct Authority (FCA) as a customer using the BMLL Data Lab and BMLL Data Feed to study ordering behavior. NYU’s quant team uses the BMLL Data Lab to conduct futures market research as part of the university’s Mathematics in Finance program. Kepler Cheuvreux teams perform order book analysis to optimize algo performance using BMLL Level 3 data. In addition, BMLL supports Aquis Exchange in providing its members with insights into the dynamics of the market structure, while SIX Group uses BMLL data for customized order book analysis for the Swiss EBBO. And Jefferies performs detailed order book analysis for passive/aggressive trading strategies using BMLL data.
Jefferies acted as exclusive financial advisor and Taylor Wessing LLP as legal advisor to BMLL in connection with the transaction. Morgan, Lewis & Bockius LLP acted as legal counsel for Nasdaq Ventures and Mills & Reeve LLP acted as legal counsel for FactSet and IQ Capital.
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