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First Coverage secures $9 Mn in Series B Financing

By SiliconIndia | Wednesday, 04 June 2008, 05:49 Hrs

Boston: First Coverage, a provider of financial information management solutions to the institutional investment community, announced it has secured $9 million in Series B funding from a cross-border syndicate of venture capital investors led by Boston-based Commonwealth CapitalVentures. Also included in the syndicate are Boston-based GrandBanks Capital andToronto-based JLA Ventures, both involved in First Coverage's $5 million Series A round of financing in November 2006.

This most recent expansion round will be used to further First Coverage's growth via both product development and geographic expansion, among other activities.

With this funding, Commonwealth General Partner Jeffrey M. Hurst will become a member of First Coverage's Board of Directors. Hurst's addition further strengthens the company's expertise and experience, particularly in the relevant fields of Finance and Software as a Service (SaaS).

Founded in 2005, First Coverage provides the global financial markets with software based tools developed to greatly increase efficiencies and communication within the investment management process. With its first production client going live in early 2007, First Coverage?s user base has grown to nearly 300 firms worldwide in just over a year.

"Over the last 12 months First Coverage has seen incredible growth in our user base, customer usage and company revenues, and has clearly solidified our place as the market leader in North America. This latest round of capital will allow us to accelerate growth, expand our geographic reach and deliver even more innovative solutions to the ultimate benefit of all industry participants," said co-founder and CEO Randy Cass.

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