Web: Google, others help messaging startup Symphony raise $100M

October 2015 by: From The Web

Google Inc. participated in an investment of more than $100 million in Symphony Communication Services LLC in a fundraising round that saw backers of the messaging startup expand to include three more investment banks and venture capital firm Lakestar LP.

UBS Group AG, Natixis SA and Societe Generale SA also joined the list of Symphony investors, which now comprises 21 financial and venture capital firms, including original backers Goldman Sachs Group Inc. and JPMorgan Chase & Co., according to a statement Monday from the company. It didn’t specify a valuation. The Wall Street Journal reported Oct. 5 that Google’s investment would value the firm at about $650 million.

Symphony’s Wall Street backers are seeking to challenge communications and data firms including Bloomberg News parent Bloomberg LP and Thomson Reuters Corp. At the same time, Google has been reorganizing its business to pursue new endeavors. Its chief financial officer, Ruth Porat, previously was CFO at Morgan Stanley, one of Symphony’s original backers.


Continue Reading: Bloomberg