Symphony value tops $1B following funding round - Mobile World Live

Symphony value tops $1B following funding round

17 MAY 2017

Symphony, maker of a secure enterprise messaging app, raised $63 million to “accelerate global adoption, propel platform innovation and expand into new markets”, it announced.

The company previously raised a total of $170 million from venture capital firms and Google, and is reportedly now valued at over $1 billion.

Symphony said its app helps employees centralise their workflow and acts as a replacement for traditional email and voice systems so they can communicate with teams, share documents and content, and conduct meetings with conferencing and screen-sharing. Workers also have access to integrated apps and bots.

According to TechCrunch, 15 of the world’s biggest banks are among Symphony’s investors, and the company has 200,000 paying customers.

The report noted Symphony is not only up against enterprise messaging apps like Slack, but also Bloomberg Terminals, a system bankers traditionally use, which can cost around $25,000 per terminal annually. Symphony charges $15 per month per user.

In a statement, Symphony said it believes its success: “is a direct result of its powerful platform, customizable user experience, and open partner ecosystem which delivers a large and growing market of applications and integrations.”

David Gurle, founder and CEO, said the financing: “is a recognition of the value our customers have experienced as the Symphony community has grown.”

The company now wants to build out its feature stack to deliver a “new wave of innovation to enterprises and replace traditional collaboration tools.”

Symphony was founded in October 2014 and is headquartered in Palo Alto, California, with offices in New York, Hong Kong, Singapore and London.

BNP Paribas led the funding round, along with additional investment by a majority of Symphony’s existing shareholders.

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Saleha Riaz

Saleha joined Mobile World Live in October 2014 as a reporter and works across all e-newsletters - creating content, writing blogs and reports as well as conducting feature interviews...More

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