Firm58, Inc. Raises $8.5 Million to Fuel Major Market Expansion
North Bridge Venture Partners leads Series B funding, in collaboration with New World Ventures.
CHICAGO, June 23, 2008 — Firm58, Inc., a leading developer of Software as a Service (SaaS) solutions for the Capital Markets industry, today announced that it has secured $8.5 million in growth capital to fuel the mass commercialization of its offerings. North Bridge Venture Partners co-led the round with existing investor New World Ventures. The additional capital will be used to drive the continued evolution of Firm58 product offerings, invest in the scaling of the infrastructure, and to aggressively expand the markets served.
“After an extensive screening process, we selected North Bridge Partners in conjunction with New World Ventures due to their collective experience in successfully deploying billions of dollars in capital, experience with numerous SaaS portfolio companies, and hands-on operating experience in building market leading technology companies,” said Firm58’s CEO and President, Curt Witte. “The participation of these top tier investors in Firm58 is an outcome of our triple digit growth this year, multi-million dollar pipeline of opportunities, highly scalable web based technology, 100% reference-able set of clients and proven rapid deployment model.”
Firm58 provides on-demand post-trade management software and services for capital markets firms including broker dealers, proprietary and active trading firms, exchanges, ECNs, alternate trading systems, market places, hedge funds, futures commission merchants and clearing firms. The offerings provide business insights to allow them to better manage their middle and back office business processes. Firm58’s innovative single application technology automates middle and back office functions across all asset classes and dramatically increases revenue scalability, operational efficiency and overall firm profitability. Firm58’s Software-as-a-Service business model brings customers a highly economical solution that is dynamic, easy to deploy and integrate, quickly streamlines duplicative and expensive business processes, and unlocks new and insightful business analytics to power better decision-making.
“Our decision to invest with Firm58 reflects on our desire to build the leading SaaS Company in Capital Markets,” added North Bridge General Partner Jeffrey Beir. “We only focus on companies that can radically transform a market segment and quickly seize a leadership position, and Firm58 certainly fits that profile.”
The securities sold in this private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States in the absence of an effective registration statement of or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the convertible preferred stock.
Based in Chicago, Firm58 is the market leader in offering on-demand post-trade management software solutions to Capital Markets firms to manage critical operations such as position management, billing, reconciliation, payment, fees and commission calculations, in addition to customer, financial and operational analytics. By automating all post-trade processes regardless of asset class (equities, foreign exchange, fixed income, futures, etc.), Firm58 enables organizations to radically increase revenues while simultaneously reducing costs.
About New World Ventures
New World Ventures is an early stage venture capital firm that has been focused on helping talented, experienced entrepreneurs and management teams build great technology companies since 1996. With a focus on software, IT infrastructure and IT managed services, New World Ventures has invested in industry leading companies such The Active Network, eCollege, Everdream, LeftHand Networks, Sportvision and TicketsNow.
For more information, please visit www.newworldvc.com.
About North Bridge Venture Partners
North Bridge Venture Partners is an active, early-stage venture capital firm based in Boston and San Mateo. Founded in 1994, with $2.2B under management, North Bridge focuses on investments in the software, communications, internet, healthcare technology and materials markets. Working closely with entrepreneurs, North Bridge adds value by providing strategic guidance, industry knowledge, teambuilding and an in-depth understanding of both private and public financings. Investments include A123 Systems, Active Endpoints, Crossbeam Systems, Navimedix, PharMetrics, Soundbite Communications, Starent Networks, Mformation, and Sycamore Networks. Current SaaS investments include Awareness, BungeeLabs, Demandware, Kadient, Newforma, Reval, SupplyScape, and SpringCM.
For more information, visit www.northbridge.com.