Categories: OLD Media Moves

Bloomberg competitor Symphony raises $100 million

Symphony, a messaging system for Wall Street traders that also includes financial news, has raised more than $100 million from investors, reports Justin Baer of The Wall Street Journal.

Baer writes, “The new capital will be used to ‘accelerate global customer adoption,’ the Palo Alto, Calif.-based company said in a statement. Venture-capital firm Lakestar, Natixis and Société Générale also joined the latest funding round, which also drew money from existing investors such as Merus Capital, a venture-capital firm.

“The Wall Street Journal reported earlier this month that the latest investment would value Symphony at $650 million.

“‘This financing is a vote of confidence in Symphony’s value proposition,’ David Gurle, the company’s founder and chief executive, said in the statement.

“A group of 15 financial firms, including Goldman Sachs Group Inc., Morgan Stanley and BlackRock Inc., had put $66 million into Symphony last year.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.