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The London Stock Exchange’s fledgling private Pisces market is set to receive another boost after a third tech company unveiled plans for an employee share sale on the platform.
Veremark, which uses technology to conduct background checks and screening, will conduct a £6m share sale on the London Stock Exchange’s Private Securities Market (PSM), allowing employees to sell their vested equity alongside early investors.
The transaction has been hailed by Veremark’s chief executive, Daniel Callaghan, as another “important milestone” in the City’s bid to stop tech firms searching for investment overseas.
“The market is a very efficient way to make certain savings on stamp duty for both buyers and sellers,” he said. “[PISCES] carries the credibility and connections that we were looking for from a commercial perspective.”
He added that the London market will also grant it the “access needed for the next phase of growth”, as the firm looks to tap into a new pool of investors.
Pisces was introduced by the government last year as a means for private companies to conduct secondary share sales, enabling employees and existing investors to cash in their stakes. The London Stock Exchange set up its PSM last year under the Pisces framework.
Veremark raised $26m (£19.2m) in a Series B funding round earlier this year, valuing the company at $100m.
The employee share sale will take place 22 September, while the auction will be conducted 7 October.
Behemoths and minnows
PISCES was approved by the financial watchdog in August 2025, but suffered a slow start and failed to generate enthusiasm among private companies who instead opted to handle shares sales internally or through private broker networks.
Activity has since been bolstered by autonomous driving unicorn Wayve, which unveiled a bumper £63m employee share sale in July, and UK fintech Moneybox which launched a £45m sale later the same month.
While Veremark, which launched in 2020, lacks the scale of Wayve and Moneybox, Callaghan said its use of the framework demonstrates that young companies are also able to take advantage.
“You have these big behemoths of tech companies then the smaller minnows being Veremark,” said Callaghan.
“But hopefully… we can pioneer that you can actually as a small company use this sort of platform to create that liquidity.”
Outpacing rivals
The deal also grants London’s Pisces platform a boost over its competitors, as it is the only exchange to have multiple users.
Asset Match welcomed its inaugural member last month, Wiltshire-based brewer Wadworth, its first test of whether it can offer liquidity to shareholders.
Meanwhile, JP Jenkins has also only welcomed one group under its framework so far, completing the transaction of digital board game maker QPLAY in March. Vestd is yet to have a company list on its framework.