Hiive: A Legit New Way to Access Pre-IPO Private Equity? (Review)

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Hiive is an emerging player in the secondary market for private, pre-IPO company shares. The platform is designed to bring more transparency, liquidity, and accessibility to the process of buying and selling equity in late-stage startups. If you’re an investor exploring secondary private markets, Hiive is worth looking into — but as always, it’s important to understand who’s behind the platform, how it’s regulated, and what the actual user experience is like.

Here’s a quick pros and cons summary of Hiive, plus a brief comparison with other secondary marketplaces like Forge and EquityZen to help you see how it stacks up.

✅ Hiive – Pros

• Real-Time Pricing Transparency
  You can view live bids/asks on private companies, similar to a stock exchange, which is rare in this space.
• Direct Negotiation
  Buyers and sellers negotiate directly (anonymously at first), cutting out a lot of unnecessary middlemen.
• Strong Regulatory Standing
  Fully registered with the SEC, FINRA, SIPC (US), and Canadian regulators — a solid sign of legitimacy.
• Fast-Growing User Base
  Over 12,000 users and 570+ active listings — that’s robust for a relatively new platform.
• No Buyer Fees (in most cases)
  Unless investing through an SPV, buyers don’t pay Hiive anything directly.
• Well-Versed Founding Team
  Founders have a real background in private equity and secondary dealmaking — not just tech entrepreneurs trying to “disrupt finance.”

❌ Hiive – Cons

• Liquidity Not Guaranteed
  Just because a listing exists doesn’t mean it will get filled quickly — or at all. Matching can take time.
• Limited to Accredited Investors
  Minimum $25,000 deal size and accredited investor status are required, which excludes smaller retail investors.
• Some UX/Support Growing Pains
  As with any early-stage platform, there are occasional reports of inconsistent customer support or unclear processes for first-timers.
• Company Approval Needed
  Many private companies require right of first refusal (ROFR) or board approval to transfer shares, which can slow or block transactions.

🔍 Hiive vs. Forge vs. EquityZen

🧠 Which Platform Is Right for You?

• Choose Hiive if you want direct price discovery, like transparent deal-making, and are an experienced or institutional investor looking for control and lower fees.
• Choose Forge if you’re a large buyer or fund looking for deeper institutional access and don’t mind paying for broker-led service.
• Choose EquityZen if you’re a smaller accredited investor looking to access pre-IPO shares with a lower investment minimum and are okay with higher fees and pooled vehicles (SPVs).

Who’s Behind Hiive

Hiive was founded in 2021 by Sim Desai, a former Managing Director at Setter Capital, a Toronto-based investment bank that specializes in private equity and secondary markets. He brings strong experience in private market deal flow, and his vision for Hiive seems rooted in fixing inefficiencies he saw firsthand.

The founding team also includes Prab Rattan, Stuart Eccles, and Sarah Huggins — professionals with experience in tech, finance, and legal compliance. Since launching, the company has grown from a lean team to a headcount of over 40, signaling both momentum and investor confidence in its direction.

What Hiive Does

At its core, Hiive is a two-sided marketplace. It connects shareholders of late-stage private companies (think former employees, early investors, or founders) with potential buyers like accredited investors, family offices, and institutional funds.

The key differentiator is transparency. Unlike traditional secondary brokers where prices are often opaque, Hiive offers a live order book. This lets users see real-time bids and asks for private shares, similar to how public exchanges work. This added visibility helps users make more informed decisions and encourages competitive pricing.

Some of the well-known companies whose shares have appeared on the platform include SpaceX, Stripe, Databricks, Chime, and Kraken — generally late-stage unicorns that are nearing or rumored to be approaching IPO.

Regulatory Licensing & Oversight

Hiive has taken the necessary steps to operate within a regulated framework, which is important for investor confidence. Here’s a breakdown:

• U.S. Licenses: Hiive Markets Limited is a registered broker-dealer with the U.S. Securities and Exchange Commission (SEC) and is a member of FINRA (Financial Industry Regulatory Authority) and SIPC (Securities Investor Protection Corporation). This means it’s authorized to facilitate transactions involving private securities in the U.S., and client assets are afforded some level of protection.
• Canada: In Canada, Hiive is registered as an Exempt Market Dealer with securities commissions in Ontario and British Columbia, enabling it to serve investors in those provinces.

These licenses confirm that Hiive follows required compliance and disclosure rules, and operates under regulatory supervision — which is a big checkmark if you’re evaluating its legitimacy as an investment platform.

Platform Features & User Experience

Hiive is built for both sides of the market — sellers and buyers. Here’s how it works:

• Buyers can browse active listings, place bids, and see real-time pricing. Once a match occurs, both parties are introduced (while maintaining privacy until necessary), and the Hiive team facilitates closing the deal, including due diligence, documentation, and escrow.
• Sellers can list shares they own, set asking prices, and negotiate directly with buyers. Hiive handles the compliance and paperwork — no need to bring in your own lawyers unless the deal is complex.

The platform boasts a clean, user-friendly interface and supports over 12,000 active users, including institutional investors, wealth advisors, and private funds. There are 570+ companies with open listings on the platform, so it’s not just limited to the top 5 names in the pre-IPO world.

Fees and Investment Requirements

Hiive’s fee structure is designed to be competitive, but it’s not free:

• Buyers: No fees for regular deals. However, if you invest through an SPV (Special Purpose Vehicle) — which Hiive sometimes uses to bundle investor capital — there may be fees associated with the setup and management of the vehicle.
• Sellers: Fees are typically a mix of flat and percentage-based charges, averaging around 4%–5% of the transaction value. This is pretty standard in secondary markets.
• Minimum investment: The general minimum transaction size is $25,000, so it’s geared toward accredited investors and institutions rather than retail traders.

Reputation and Considerations

Hiive has gotten positive attention in the secondary market space, but as with any young platform, there are a few things to be aware of:

• Deal flow can vary. Some users report fast, seamless transactions, while others have noted delays or slow responses when negotiating deals that fall through.
• Communication is something a few early users have said could be improved, especially for first-timers unfamiliar with the process.
• Liquidity risk is always a factor in the secondary market. Just because shares are listed doesn’t mean they’ll sell quickly — it still depends on demand, company approval, and market sentiment.

That said, the platform seems to be evolving fast, and the growing user base speaks to its traction.

Final Thoughts for Investors

Hiive is positioning itself as a next-gen platform for private equity investing, and so far it’s delivering a compelling product. The leadership team has strong roots in the private markets, and its transparent, regulated approach makes it appealing for investors looking to tap into pre-IPO opportunities.

If you’re exploring exposure to private tech companies, Hiive could be a strong option — just make sure you’re comfortable with the liquidity profile, understand the company approval process, and review each opportunity with care.

It’s not a “click and buy” stock market — it’s still private equity — but Hiive is working hard to make it as close to that as possible.

🧾 Hiive Investor FAQ

❓1. What is Hiive?

Hiive is a private market platform that allows accredited investors and institutions to buy and sell shares of pre-IPO private companies. It connects shareholders (like early employees or angel investors) with buyers seeking exposure to late-stage startups.

❓2. Who can use Hiive?

Hiive is currently available to:

• Accredited investors (as defined by the SEC or your local securities regulator)
• Institutional investors, including family offices, VC firms, and hedge funds
• Shareholders of private companies looking to sell their equity

It’s not available to non-accredited or retail investors.

❓3. What are the minimum investment sizes?

The typical minimum investment is $25,000. In some cases, depending on the structure (especially SPVs), this may be higher.

❓4. How does pricing work on Hiive?

Hiive uses a live order book model. This means you can see current bids and asks for shares in a given company, just like on a public exchange. Pricing is transparent — you’re not waiting on a broker to give you a quote.

❓5. What companies can I invest in?

Hiive features over 570 private companies, including top unicorns and late-stage startups like:

• SpaceX
• Stripe
• Databricks
• Chime
• Kraken

These companies are typically valued at over $1B and are at or near IPO readiness.

❓6. Is Hiive regulated?

Yes. Hiive is a registered broker-dealer and operates under full regulatory compliance in the U.S. and Canada:

• U.S.
  • Registered with the SEC
  • Member of FINRA
  • Member of SIPC
• Canada
  • Registered as an Exempt Market Dealer in Ontario and British Columbia

This regulatory oversight ensures Hiive follows strict standards around investor protection, disclosures, AML/KYC compliance, and trading protocols.

❓7. Are my funds or assets insured?

Yes — to a degree, through SIPC membership:

• SIPC insurance covers cash and securities held by U.S. investors in the event Hiive fails as a broker-dealer. Business insurance companies we’ve covered on this site like Thimble, InsuranceBee or NEXT Insurance are unlikely to help here even if you are investing through a business or corporate account. These companies (Thimble, InsuranceBee, NEXT Insurance) offer general liability, professional liability, cyber, and other business-related coverage. They are not designed to protect business investments or securities accounts.
• SIPC insurance covers cash and securities held by U.S. investors in the event Hiive fails as a broker-dealer, offering up to $500,000 in protection (including $250,000 for cash), but it does not cover investment losses or fraud by the underlying private companies. Business insurance providers we’ve covered on this site — like Thimble, InsuranceBee, and NEXT Insurance — are unlikely to help in this context, even if you invest through an LLC or corporate entity, because their policies are designed for operational risks like general liability, E&O, or cyber protection, not for safeguarding investment accounts or financial assets. While SIPC coverage is federally administered, some states like California and New York have stricter compliance requirements for broker-dealers operating within their borders, offering an extra layer of scrutiny, while states like Texas or Florida tend to defer more to federal oversight, meaning investors in all states receive the same SIPC protection, but may face different levels of state regulatory engagement when issues arise.
• SIPC does NOT cover losses due to investment performance or the failure of a private company.
• Coverage limits are up to $500,000 per client, including $250,000 for cash.

🛡️ This means if Hiive were to go out of business while holding your funds or securities, SIPC may step in to help recover those assets — but it doesn’t guarantee the value of your investments.

For Canadian investors, protection is provided under provincial securities regulations, though not through SIPC. Ontario, BC and Alberta have their own regulations and insurance protections for both business and corporate investors.

❓8. How secure is the platform?

Hiive maintains industry-standard data encryption, multi-factor authentication, and internal compliance protocols to protect user information and transactions. All trades are processed through regulated channels, and escrow mechanisms are used to hold funds until deals close.

❓9. How do transactions actually work?

Here’s the simplified flow:

1. Seller lists shares on Hiive
2. Buyers place bids (visible in the order book)
3. If both parties agree on terms, Hiive:
   • Initiates due diligence and compliance checks
   • Prepares the transfer documents
   • Coordinates with the company’s legal team (if approval is required)
4. Once everything is cleared:
   • Buyer transfers funds into escrow
   • Shares are transferred
   • Payment is released to the seller

Most transactions close in 2–4 weeks, though timing can vary based on company policies or legal review.

❓10. What are the fees?

• Buyers
  • No fees for direct purchases
  • Possible fees if investing through an SPV (Special Purpose Vehicle)
• Sellers
  • Average fee is 4%–5% of the total transaction value
  • Includes compliance support, paperwork, and platform access

❓11. Can companies block a sale?

Yes. Many private companies have Right of First Refusal (ROFR) or transfer restrictions in their shareholder agreements. This means the company has the right to approve, deny, or buy back the shares before a third-party transaction is completed.

Hiive helps facilitate the approval process, but final clearance always lies with the issuing company.

❓12. Is there a secondary market after I invest?

Hiive itself is the secondary market — but once you buy shares, selling them again depends on ongoing demand, company policies, and your ability to find a buyer. Hiive does allow re-listing of shares, but there’s no guarantee of liquidity.

❓13. What are the risks?

• Company performance risk — Private companies may never IPO or could lose value.
• Illiquidity — Shares may be difficult to resell, especially if demand dries up.
• Transfer restrictions — Some companies can delay or block share transfers.
• Market sentiment swings — Valuations can shift quickly in the private markets.
• Limited disclosures — Unlike public companies, private companies disclose far less financial information.

❓14. Does Hiive provide tax documents?

Yes. For U.S. investors, Hiive provides Form 1099s or Schedule K-1s depending on the transaction structure (especially if using an SPV). Canadian investors receive equivalent provincial documentation.

Always consult with a tax professional, especially if you’re investing through a trust, LLC, or international entity.

❓15. Is Hiive a good fit for me?

Hiive is a great option if you:

• Want transparent access to late-stage private companies
• Prefer to negotiate directly rather than go through brokers
• Are comfortable with illiquid, high-upside private equity investments
• Meet accredited investor requirements and have $25K+ to invest per deal

It may not be the best fit if you’re looking for passive exposure, want low fees at small investment sizes, or prefer more traditional public markets.