US-based capital markets software developer Beacon platform has completed a $56m series C round that included insurance provider Global Atlantic Financial Group.
Private equity firm Warburg Pincus led the round, which also featured Centana Growth Partners and investment manager Pimco.
Beacon’s cloud-based platform helps professionals in the banking, insurance, commodities trading and asset management companies industries develop applications for their businesses.
The capital will be used to grow Beacon’s engineering, sales and customer-facing teams and to scale its platform. It had secured $20m in a January 2020 series B round led by Centana Growth Partners, which was joined by Pimco.
The company had previously raised an undisclosed amount in a series A round led by Pimco in September 2018 that also featured Global Atlantic and financial services firm Barclays.
While the size of the 2018 round was undisclosed, a regulatory filing in May showed the company had raised $17m of a targeted $19m for the round. It had received almost $1.5m in funding from a single unnamed investor in 2016, according to another filing.
