Comcast Ventures led the round, and was joined by return backers Redpoint Ventures and First Round Capital. New York-based Axial previously had raised $9 million.

For those unfamiliar with Axial, it’s a little bit like LinkedIn for private companies and funding sources. But it also adds valuation and transactional functionality on top, and currently has 19,500 members that represent nearly $38 billion in revenue. Chief executive Peter Lehrman says the new money will be used to further grow Axial’s network, plus also to further reduce frictions when members complete transactions with one another. He also isn’t concerned about a possible M&A slowdown after today’s banner year:

“The reality is that there are certain portion of the M&A market that are influenced heavily by macro trends, and those often are the really big deals,” Lehrman exlains. “When you look at the lower middle-market, where we’re focused, there is a very active and robust market for those businesses being bought and sold in both up and down markets – particularly since many of them are owned by Baby Boomers… Even in really dark times like during the financial crisis, there were still tens of thousands of transactions occurring.”

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