Secondary marketplaces for private shares, explained

When your company isn't running a tender, a secondary marketplace can be a route to sell — but only for some holders, and always with the company's approval. Here's how they actually work.

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What they are

Secondary marketplaces are regulated platforms that match sellers of private-company shares with accredited buyers, and handle the paperwork, escrow and settlement. They exist because private shares have no public market — the platform provides the venue and the process that a stock exchange would for a public company. Well-known examples include Forge, EquityZen, Hiive and Nasdaq Private Market (see the neutral directory in where to find a buyer).

Who can actually use them

They work best for vested holders at larger, recognisable, later-stage companies — the names buyers actively want. If you hold a small stake in an early-stage company, there may simply be no buyers on the platform. Most also impose a minimum transaction size, and buyers are typically required to be accredited/qualified investors.

The step everyone forgets: company approval

A marketplace does not override your equity agreement. Your shares still usually carry a right of first refusal and transfer restrictions, so the company generally has to approve the transfer — and can decline, or buy the shares itself first. Some companies actively restrict marketplace sales. Always confirm your transfer rights before assuming a platform sale is possible.

Fees, pricing and timing

Fees: platforms charge the seller (and often the buyer) a percentage of the transaction — factor it into your net.
Price: set by what a buyer will pay, usually at a discount to the last preferred round for an illiquid, minority, common-stock stake.
Timing: finding a buyer and clearing approvals can take weeks to months — it's not instant.

Marketplace vs company tender

A company tender offer, when one is available, is usually simpler and cheaper — the company runs it and approvals are built in. A marketplace is the route when there's no tender and you meet the size and company-approval bar. For many small European holders, neither fits, which is why understanding all the routes matters.

We're not a marketplace. PrivateTechShares doesn't broker or list shares — we explain how these venues work so you can approach the right one yourself, with your eyes open. The platforms named are independent third parties; check each is regulated where you are and do your own due diligence.

Know your position before you approach a platform

Platforms take you seriously when you arrive prepared. The equity toolkit helps you pin down your share class, vesting, transfer rights and a realistic price — and includes the outreach template for approaching a platform or broker.

See the equity toolkit →

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

Questions people ask

How do secondary marketplaces for pre-IPO shares work?

They're regulated platforms that match sellers of private shares with accredited buyers and handle the paperwork, escrow and settlement. They work best for vested holders at larger, recognisable companies, usually above a minimum size, and the company still has to approve the transfer.

Can I sell my startup shares on a secondary marketplace without company approval?

Usually no. Your shares typically carry a right of first refusal and transfer restrictions, so the company generally must approve the transfer — and may buy the shares itself first or restrict marketplace sales. Confirm your transfer rights before assuming a sale is possible.

What do secondary marketplaces charge?

Platforms take a percentage fee from the seller (and often the buyer), and the sale price is usually at a discount to the last funding round. Factor both into your net proceeds, and allow weeks to months for a buyer and approvals.