Nasdaq Private Market Raises $37.6 Million In Series C Financing

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Nasdaq Private Market (NPM) recently closed a $37.6 million Series C funding round, led by Cerity Partners, with new investor Optiver and increased commitments from existing backers including Nasdaq, DRW Venture Capital, and HiJoJo Partners. The funding is expected to fuel product innovation, such as new liquidity programs and enhanced data services, while supporting global expansion and strategic partnerships, including an exclusive wealth management tie-up with Cerity Partners.

NPM’s Series C round totals $37.6 million, bringing NPM’s cumulative funding to approximately $144 million across multiple rounds. It features a mix of new and returning investors, highlighting continuity and fresh strategic alignments. The valuation uplift, over 4x from the 2024 Series B, signals robust market validation, especially as private markets see increased interest from institutional players seeking diversified assets.

This financing comes at a time when private company liquidity is accelerating, with NPM’s platform facilitating over $60 billion in transactional value since inception. The partnership with Cerity Partners aims to offer integrated financial planning to sellers on the platform, addressing a key pain point for employees and shareholders realizing gains. Additionally, recent alliances, such as with G Squared for funding secondary liquidity events, underscore NPM’s push toward comprehensive ecosystem solutions.

Private markets are evolving rapidly, with secondary platforms like NPM bridging gaps in liquidity for non public assets. While opportunities abound due to delayed IPOs and extended private holding periods, potential headwinds include economic uncertainty and competition from acquisitions like Forge by Charles Schwab and EquityZen by Morgan Stanley in late 2025.

Nasdaq Private Market (NPM), a prominent player in the private securities trading ecosystem, has solidified its position with the closure of its Series C funding round. This $37.6 million raise, led by wealth management firm Cerity Partners and including new entrant Optiver alongside deepened commitments from existing investors such as Nasdaq, DRW Venture Capital, and HiJoJo Partners, represents a pivotal milestone. The round not only injects capital for expansion but also achieves a valuation more than four times that of its 2024 Series B, underscoring investor optimism in NPM’s model amid a burgeoning demand for private market infrastructure.

Founded as a joint venture in 2013 between Nasdaq and SharesPost, NPM evolved through Nasdaq’s full acquisition in 2020 and subsequent spinout in 2021, backed by a consortium of banks and Nasdaq itself. Since then, it has focused on providing secondary trading, settlement, and data solutions for private companies, employees, shareholders, and investors. By 2026, NPM has facilitated over $60 billion in value generation across more than 400 private companies and 100,000+ employees, emphasizing efficiency, transparency, and liquidity in a market often plagued by illiquidity. Its Tape D data product, for instance, aggregates pricing from primary rounds, secondary trades, and accounting sources, offering implied valuations and discounts/premiums to recent financings.

The Series C builds on a history of strategic fundraising. NPM’s prior major round was a $62.4 million Series B in February 2024, led by Nasdaq and including new investors like BNP Paribas, DRW Venture Capital, UBS, and Wells Fargo, alongside existing ones such as Allen & Company, Citi, and Goldman Sachs. That round aimed at accelerating infrastructure development for trading and settlement. Later in August 2024, Bank of America joined the investor consortium, further bolstering NPM’s network for product innovation and growth. Earlier rounds include a Series A in October 2023 and potential extensions to the Series B in 2025, contributing to a total funding of around $144 million across at least four to six rounds, depending on tranche classifications.

Investor composition in the Series C reflects a blend of financial expertise and strategic synergy. Cerity Partners, as lead, brings wealth management capabilities, enabling an exclusive partnership to provide personalized financial planning to NPM’s sell side clients, such as employees cashing out shares. Optiver, a global market maker, adds trading acumen, potentially enhancing NPM’s liquidity mechanisms. Returning investors like Nasdaq (which retains a board presence via Gary Offner) ensure alignment with public market standards, while DRW and HiJoJo offer venture and alternative investment perspectives. Overall, NPM boasts 13 investors, including major banks and VCs, fostering a robust cap table for long term scalability.

The 4x valuation step-up from the 2024 Series B is particularly noteworthy, as it highlights NPM’s progress since its spinout. While exact figures remain undisclosed, this multiple suggests a post money valuation potentially exceeding $400-500 million, based on inferred benchmarks from the $62.4 million Series B (assuming a $100-150 million valuation then). This uplift aligns with broader trends in private markets, where extended private tenures and delayed public listings have amplified the need for secondary liquidity. NPM’s platform addresses this by offering tools like portfolio tracking, watchlists, and premium data on financing history, cap tables, and share prices.

Proceeds from the Series C will primarily drive growth initiatives, including product enhancements like new liquidity programs, advanced data services (e.g., expanding Tape D for valuation estimates and premium/discount analyses), and international expansion. This follows recent moves, such as the January 8, 2026, partnership with G Squared to fund company driven secondary events, and the 2023 launch of stock transfer and settlement solutions. CEO Tom Callahan emphasized the funding’s role in unlocking private market potential, stating, “This Series C financing validates the tremendous progress NPM has made since our 2021 spinout from Nasdaq. With the support of our world class investors, we are well positioned to continue building the infrastructure that will unlock the full potential of the private markets.”

In the broader market context, private equity and venture capital face headwinds from economic volatility, yet secondary markets are thriving as stakeholders seek exits amid prolonged IPO droughts. NPM’s raise occurs against a backdrop of industry consolidation, including Charles Schwab’s acquisition of Forge and Morgan Stanley’s purchase of EquityZen in late 2025, which could intensify competition but also validate the sector’s viability. Optiver’s involvement signals interest from trading firms in structuring private markets more like public ones, potentially improving efficiency.

Looking ahead, this round positions NPM for sustained innovation, with potential risks tied to regulatory changes (e.g., SEC oversight on private securities) and macroeconomic factors affecting investor appetite. However, with a strong investor base and proven track record, NPM appears poised to expand its influence, possibly targeting Asia or Europe for growth, as hinted in earlier expansions. The integration of wealth services via Cerity could differentiate NPM, creating a full spectrum platform that not only facilitates trades but also supports post transaction financial health.

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Funding History Table

This table summarizes NPM’s post 2021 funding trajectory, with totals reaching approximately $144 million.

Investor Breakdown Table

This investor mix totals 13 entities, enhancing NPM’s credibility and operational synergies.

NPM’s Series C not only secures capital but also cements partnerships that could redefine private market access, balancing innovation with the complexities of a dynamic fintech landscape.

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