US-based enterprise communication platform developer Symphony Communication Services received $67m in funding yesterday from investors including financial services firm Barclays, state-owned bank BPIfrance and investment bank CLSA and undisclosed existing backers.
Founded in 2014, Symphony has created software that enables users to communicate with each other securely and confidentially through a single workflow application.
The platform was developed for the financial services industry but is being expanded into areas such as government and the insurance, legal and healthcare services sectors. It has been adopted by more than 320,000 users and 300 firms.
David Gurlé, Symphony’s founder and CEO, said: “Barclays, BPIfrance and CLSA provide both capital and strategic leverage which will enable Symphony to further accelerate the growth of our network, and create comprehensive workflow capabilities with our open and secure platform.”
Symphony said the round increased its overall funding to more than $300m. It follows a $63m round in May 2017 led by financial services firm BNP Paribas and backed by existing investors that reportedly valued the company at $1bn.
Banks BofA Merrill Lynch, BNY Mellon, BlackRock, Citadel, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Jefferies, JP Morgan, Maverick, Morgan Stanley, Nomura and Wells Fargo had invested an initial $66m in the company in 2014.
Internet technology provider Google and financial services firms Natixis, Societe Generale and UBS then joined Merus Capital, Lakestar and unnamed existing backers for a $100m series B round in 2015 that valued Symphony at $650m.