ImpactAlpha, Sept. 3 – Companies seeking to measure performance over years and decades rather than quarterly may soon have a stock exchange on which to list and raise patient capital.
The Long Term Stock Exchange, founded by Lean Startup’s Eric Ries, raised $50 million in Series B led by Founders Fund, which also led the firm’s Series A. Repeat investors including Collaborative Fund, Andreessen Horowitz, Obvious Ventures, Uprising, and Initialized also participated.
“A new generation of companies aspire to serve customers, build their businesses and advance their visions over time,” Ries said in a statement. “They want to run their businesses with the stewardship that stakeholders and society demand.”
The exchange does not yet have a launch date though a company spokesperson told Axios that “early next year seems plausible.” The Securities and Exchange Commission recently approved the company’s standards.