Wayve launched an $85 million secondary share sale for employees today – a first for the UK.

Crowdcube managed the sell-side for the landmark transaction on the London Stock Exchange’s Private Securities Market, which is providing the autonomous driving firm with liquidity.

The PSM is an exchange designed to provide liquidity in some of the world’s leading later-stage private companies while also helping current employees with vested equity to unlock some of the value they have helped to create.

The transaction represents a major milestone for UK capital markets – not only the first employee share sale on the PSM but also the largest transaction under the FCA’s PISCES (Private Intermittent Securities and Capital Exchange System) regulation to date.