Mills & Reeve advises on $26 million fundraise for UK data and analytics company

Mills & Reeve has advised on a $26 million Series B fundraise for historical Level 3 data and analytics provider, BMLL, in a move that fuels its ambitious growth plans.

The fundraise was led by Nasdaq Ventures, FactSet and IQ Capital Growth fund, supported by ACF Investors and other new and existing investors. BMLL plans to use the funds to expand its presence in the US and its product.

The venture capital investment team at Mills & Reeve advised IQ Capital and FactSet on the investment round.

London-headquartered BMLL provides historical Level 3 data and analytics to the world’s most sophisticated capital market participants including banks, brokers, asset managers, hedge funds and global exchanges. In the last 12 months, revenue has increased significantly as the firm continued to secure new clients and collaborations including the Financial Conduct Authority (FCA), Aquis Exchange and SIX Group, and New York University’s quant research unit.

Paul Humphrey, CEO, BMLL, said: “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.”

Zickie Lim, head of the venture capital team at Mills & Reeve said: “We are delighted to have advised IQ Capital Growth Fund and FactSet on this Series B fundraise. BMLL offers Level 3 data and analytics to financial market participants and this latest funding round places the company in an excellent position to capitalise on its ambition growth plans.”

Kerry Baldwin, co-founder of IQ Capital Growth Fund, said: “IQ Capital led BMLL’s seed round and has continued to support the company through their very earliest stages. We have supported and worked closely with BMLL’s exceptional leadership team to develop their breakthrough Deep Tech product, which democratises access to Level 3 data for the wider industry. Our latest investment from our Growth Fund, which supports outperforming companies in our portfolio, will drive the company’s continued growth and international expansion.”

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