SmartRound announced that it had received investment from JPX Research Institute and entered into a memorandum of understanding on a business alliance covering the circulation and liquidity of unlisted shares, links between data platforms and market infrastructure, and the provision of information to startups and investors.
JPX Research Institute, a subsidiary of Japan Exchange Group, invested in SmartRound by combining the subscription for new share warrants issued by SmartRound with the acquisition of shares from existing shareholders. The investment took the form of a pre-Series C round and was described as intended to support SmartRound's capital strategy.
The two companies signed a memorandum of understanding to explore collaboration in three areas: improving the circulation and liquidity of unlisted shares, developing capital strategy data, and linking data platforms connecting the listed and unlisted markets. This will advance consideration of an environment in which capital data can be used continuously from the unlisted stage through to after listing.
The first area is collaboration to improve the circulation and liquidity of unlisted shares. The companies aim to develop the trading environment for unlisted shares by combining SmartRound's support for secondary transactions with the expertise and network of the JPX Group.
The second area is collaboration between service functions and data platforms and market infrastructure and information services. The companies will discuss linking a data platform containing capital strategy data for unlisted companies with the market infrastructure and information services provided by the JPX Group.
The third area is exploring collaborative measures that benefit the ecosystem as a whole, including the provision of information and mutual referrals of services for startups, shareholders and investors.