Financier Lord Spencer doubles down on his investment in technology company shaking up bond market
Financier Lord Spencer has doubled down on his investment in a technology company shaking up the bond market.
The former Conservative party treasurer has led a £4.3m fundraise for Digital Debt Capital Markets (DDCM), a London-based firm making it easier for companies to manage bond sales.
Grandee: Former Conservative party treasurer Lord Spencer has led a £4.3m fundraise for Digital Debt Capital Markets
He had already invested in the company’s first £2.5m seed fundraising personally, and this time has invested through his private investment group IPGL, along with David Rutter, the chief executive of US technology company R3.
DDCM’s Agora software streamlines the way bonds are managed, from their issuance to their repayment.
Many firms still use clunky systems and spreadsheets to manage bonds, and several jobs are inadvertently duplicated by bankers and lawyers.
Backing from Spencer, founder of inter-dealer broker Icap, will help DDCM as it builds its software and attracts customers.