Symphony, the messaging app backed by Wall St, is raising at a $1B+ valuation. Symphony, a secure messaging service backed and used by 14 of the biggest banks on Wall Street, is raising up to $200 million in a new round of funding with a pre-money valuation over $1 billion, TechCrunch has learned. The funding will come from existing investors, along with a new backer, the government of Singapore via its investment arm (which includes Temasek and GIC). Symphony has plans both to expand its current business serving the finance community, and it also wants to gear up for targeting other verticals, such as healthcare. Most recently, in March 2015, Symphony had raised $100 million at a valuation that sources at the company tell us was around $700 million. It has raised $166 million in total. It’s also been in play for a while, it seems. In October, the Wall Street Journal reported that Symphony was raising up to $100 million, also naming General Atlantic and the Singapore government among potential new investors, corroborating what our source told us. Last but not least, key to its product is the fact that it’s been built for people to speak to others outside their own company silos, but in a way that compliant with security and regulatory policies. The company is looking at other industries that have equally specific needs but at the heart of any productivity solution also need efficient chat services to speak with colleagues and partners.
Symphony, a secure messaging service backed and used by 14 of the biggest banks on Wall Street, is raising up to $200 million in a new round of funding with a pre-money valuation over $1 billion, TechCrunch has learned. The funding will come from existing investors, along with a new backer, the government of Singapore via its investment arm (which includes Temasek and GIC). Symphony has plans both to expand its current business serving the finance community, and it also wants to gear up for targeting other verticals, such as healthcare.
Most recently, in March 2015, Symphony had raised $100 million at a valuation that sources at the company tell us was around $700 million. Its existing investors include Google, Lakestar, Natixis, Societe Generale, UBS, and Merus Capital, as well as a consortium of 14 of the world’s largest investment banks and money mangers, including Bank of America, BlackRock, Citibank, Deutsche Bank, Goldman Sachs, HSBC, and JP Morgan. It has raised $166 million in total.
It’s not clear whether this latest round — which could range between $125 million and $200 million, a source close to the company said — has completely closed, but it seems that it came out of inbound interest in the company rather than Symphony actively seeking the extra capital.
It’s also been in play for a while, it seems. In October, the Wall Street Journal reported that Symphony was raising up to $100 million, also naming General Atlantic and the Singapore government among potential new investors, corroborating what our source told us.
Symphony itself would not comment directly about this latest infusion (which, again, we’ve heard has come from investors approaching it):
“We are not seeking new funding,” a spokesperson said. “We are well-funded for our operations and future growth.” Separately, David Gurle, the CEO and founder of the company, confirmed via the spokesperson that were there a round being raised, it would indeed be at…
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