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Your options · after the homework

You've valued it — now where do you actually find a buyer?

Most guides tell you what your startup equity is worth, then stop. This one covers the part everyone actually asks next: who buys private-company shares, and how you reach them — company buybacks, tender offers, secondary platforms and investor networks — with a neutral directory for Europe and the US. Plain-English, independent, and no sales pitch.

How to read this page. PrivateTechShares is an independent education and tools service. This guide and the directory below are provided for information only. We are not affiliated with, and do not endorse, recommend or receive any payment from, any organisation listed. We do not introduce buyers and sellers, arrange or advise on any transaction, or handle any money. A listing here is not a recommendation to use a service, or to buy or sell any security. Always do your own due diligence and take independent legal and tax advice; whether to buy or sell, and on what terms, is entirely your own decision and responsibility.

Start here: your company usually controls this

Before you look for an outside buyer, the single most important fact is that your company almost always has a say. Your equity documents typically include a right of first refusal, transfer restrictions and a requirement for board or company approval. Many companies also run their own employee tender offers or buybacks — which is often the easiest, cleanest way to sell, when it exists. So the realistic first step isn't a marketplace; it's a short email to your stock administration or people team. The equity toolkit includes ready-to-send templates for exactly this.

1. Confirm what you holdVested shares, options or RSUs — and your transfer rules. Value it first →
2. Ask your companyIs there an approved tender, buyback or transfer process? Get the templates →
3. Then explore outside routesOnly if allowed — using the buyer types and directory below.

The types of buyer — and how each one works

There isn't one "market" for private shares; there are several routes, each suited to a different size, stage and situation. Here's the honest map, roughly in the order most sales actually happen:

Your company (buyback or tender offer)Who it fits: Employees and early holders at companies that run liquidity programmes.How it works: The company (often with an investor) offers to buy back a slice of vested shares at a set price, on a set window.How to approach: Ask your stock administration / people team whether a tender or buyback is planned. This is the first place to look.
Existing investors & shareholdersWho it fits: Holders at companies where insiders want to increase their stake.How it works: Your shares are offered to current investors first — often a formal right of first refusal (ROFR) in your equity docs.How to approach: Your ROFR clause tells you who must be offered the shares, and on what notice.
The lead investor in the next roundWho it fits: Holders at companies actively raising.How it works: New-round investors sometimes buy a small amount of employee stock alongside their primary investment.How to approach: Company-mediated — raise it with your stock admin during a round.
Secondary marketplaces & platformsWho it fits: Vested holders at larger, well-known, later-stage companies; usually a minimum size.How it works: Regulated platforms match private-share sellers with accredited buyers and handle the paperwork and escrow.How to approach: You approach the platform directly. They still require company approval to transfer.
Accredited-investor networks & syndicatesWho it fits: Later-stage, recognisable names that attract private-investor demand.How it works: Groups of accredited/individual investors who take direct positions, sometimes in a pooled vehicle.How to approach: Via the networks and associations listed below — always company-approved and properly papered.
Angel networks & associationsWho it fits: Earlier-stage holders, and founders exploring options.How it works: National and regional bodies that connect companies and holders with angel investors.How to approach: Use the public directories below to find the association for your country.
Family offices & specialist secondary fundsWho it fits: Larger stakes in established private companies.How it works: Professional buyers that acquire private shares to hold; typically higher minimums.How to approach: Usually reached through advisers, platforms or the networks above.

A neutral directory (Europe & US)

These are well-known, publicly listed market participants and industry bodies, for your own research. We are not affiliated with any of them and receive nothing from listing them. Always check that a platform or investor is properly regulated where you are, and take advice before acting.

Secondary marketplaces & platforms

Investor networks & associations

Europe-wide: EBAN ↗ — the European Business Angel Network — its directory links national networks across Europe. Use EBAN's network directory for any country not listed below.

Find a buyer by country

Country-specific versions of this guide — local rules, the national angel body and the venues relevant there:

the United Kingdom · Germany · France · Spain · the Netherlands · the United States

The order to work through it

  1. Confirm what you actually hold. Vested vs unvested, options vs settled shares, share class, strike price, deadlines. You usually can only sell settled shares — options often have to be exercised first (which can trigger tax). Value it →
  2. Read your transfer rules. Right of first refusal, co-sale, transfer restrictions, company approval. These decide what's even possible.
  3. Ask your company first. An approved tender or buyback is usually the cleanest route. Templates in the toolkit →
  4. If allowed, approach an outside route. Match your size and stage to the buyer types above; use the directory to find the right venue or network.
  5. Prepare your information. Company, share class, vesting status, whether exercised, rough size — so you're taken seriously and can move quickly.
  6. Get legal and tax advice before you sign. A private-share sale is usually a one-way decision with tax consequences. Confirm the numbers and the paperwork with professionals.

Do the homework properly first

Knowing where the buyers are only helps once you know what you hold, what it's worth, and what it'll cost you in tax. The free tools give you the numbers; the equity toolkit turns them into a decision you can stand behind — and includes the ready-to-send emails for asking your company and approaching a buyer.

See the equity toolkit →

Want it run on your own numbers? The Personalized Equity Report models your specific grant end to end.

Questions people ask

Do employees actually sell their shares in the pre-IPO market?
Yes, but less freely than people assume. Employees at larger, later-stage companies sometimes sell vested shares through a company-sanctioned tender offer or an approved secondary buyer. It almost always needs the company's blessing (a right of first refusal and transfer restrictions), and buyers for early-stage shares are thin. You also usually need to have exercised your options — and paid any tax — to have shares to sell at all. It is real, but it is gated.
Who buys private startup shares?
In rough order of how most sales happen: the company itself (a buyback or employee tender, if it runs one); existing investors or shareholders exercising a right of first refusal; the lead investor in the next funding round; then, where those do not apply, secondary marketplaces, accredited-investor networks, angel syndicates, family offices and specialist secondary funds. Which of these is realistic depends on the company's size, stage and rules.
Is it legal to sell my private company shares to a private buyer?
Generally yes, if the shares are vested and transferable and you follow your company's transfer rules (right of first refusal, co-sale, board or company approval) and the securities rules that apply where you and the buyer are. It is a private, negotiated transfer, not a public-market trade. Always confirm with your own equity documents and take legal advice before signing anything.
Does PrivateTechShares find a buyer for me or make introductions?
No. PrivateTechShares is an independent education and tools service. We do not introduce buyers and sellers, arrange or advise on transactions, hold any money, or take any fee on a sale. This page is information to help you understand your own options — the decisions and the due diligence are entirely yours.

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General information only — not financial, tax or legal advice, and not specific to your situation. The organisations named are independent third parties; PrivateTechShares is not affiliated with them, does not endorse them, and receives no payment from them. PrivateTechShares is an education and tools service: it is not a broker or marketplace, does not introduce buyers and sellers, does not hold funds, and does not execute or advise on transactions.