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Illustration:Rebecca Zisser/Axios
The Long-Term Stock Exchange has raised $50 million in Series B funding led by Founders Fund, with new investors joining existing ones like Andreessen Horowitz, Obvious Ventures, and Initialized Capital.
Why it matters: Silicon Valley's big tech "startups" have increasingly delayed going public, in part because of the pressures of quarterly performance they must explain to stockholders. The LTSE, a brainchild of "Lean Startup" author Eric Ries, seeks to build a stock exchange without these traditional short-term pressures.
What's next: The company tells Axios that the U.S. Securities and Exchange Commission recently approved its standards. There's no word yet on when it plans to start operating, though a spokesman says that "early next year seems plausible."
- When it does debut, it will likely start with just stock trading, though it could also have listings if interested companies' IPO timelines happen to line up.
Go deeper: Startups get a stock exchange