Gate Technologies, a New York-based company that specializes in secondary markets, closed on $3.5 million in funding from venture capitalist John Pappajohn. Gate plans to use the money to expand its infrastructure, the company said on Wednesday. Pappajohn is also joining Gate's executive board. Secondary markets, also run by companies such as Sharepost and SecondMarket, have exploded in popularity in recent years, as investors seek out the exchange of shares in hot private companies like Twitter and Facebook. Pappajohn is the founder and president of the Des Moines, Iowa-based firm Pappajohn Capital Resources.
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