Bond marketplace OpenYield has closed a Series A funding round of over $6 million, led by LeveL Markets with participation from Draper Associates, Canapi Ventures, and Clocktower Ventures. Launched in 2024 as an alternative trading system (ATS), OpenYield provides an automated, equity-like trading experience for fixed income. To date, the platform has executed nearly $2 billion in volume across corporate, municipal, and US Treasury bonds, serving more than 60 institutional clients representing over $5 trillion in assets under management.
Alongside the investment, a strategic commercial partnership will see LeveL Markets integrate OpenYield into its equities platform. This integration grants LeveL’s institutional clients direct access to OpenYield’s bond liquidity through existing equity trading infrastructure, requiring no new development. For LeveL, which is backed by major institutions including Nasdaq and BlackRock, this marks its first strategic investment as it expands its equity-market connectivity into new asset classes.
OpenYield will use the capital to expand its marketplace by adding buy-side and sell-side firms, deepen institutional order system integrations, and grow its trading data products. The funds will also support the development of agentic trading workflows and advance tokenised bond trading. The expansion aims to capitalise on the fixed-income market’s ongoing shift toward automation, particularly within municipal bonds and separately managed accounts requiring efficient, low-cost execution.
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