Google Invests $100-Mn In Symphony To Tap Enterprise
Symphony, the chat and social sharing service for business users, announced that a group of companies including Google have invested $100 million in the business. The search giant was also joined by Lakestar, Natixis, Societe Generale, UBS and existing investor Merus Capital.
“This financing is a vote of confidence in Symphony’s value proposition and benefits to business users,” said David Gurle, founder and CEO of Symphony. “We are making a major leap toward a safer and more productive method of communication for individuals, teams and businesses. We are delighted to have the support of our new and existing investors to enhance our market leadership.”
Gurle wrote in a post Monday, “This amount gives us the runway to stay focused on our vision of becoming the standard for business communications and allow us to accelerate our growth globally. We will increase our product development team, as well as fill our sales and account management positions globally to meet the very high customer demand at our doors.”
On the heels of Symphony’s public launch in September, this investment marks an exceptional year for Symphony, which saw a rapidly growing customer roster, increase in user adoption, strategic partner momentum and key executive appointments.
“We are thrilled by Symphony’s impressive customer momentum,” said Klaus Hommels, partner, Lakestar. “Symphony’s unique, secure and compliant workflow platform has huge potential to transform the industry, which is why we’re making this investment.”
“The team at Symphony is revolutionizing the way the business world communicates,” said Salman Ullah, co-founder and managing director, Merus Capital. “Symphony has received tremendous interest from every industry with a desire for simple and safe communications. As an early investor, we are excited to increase our participation in this round to support Symphony’s next stage of growth.”
The enterprise communications and collaboration market is very crowded, with competitors ranging from big names like Microsoft with Skype to startups like Jive, so it’s notable when a new entrant like Symphony grabs the attention of the likes of Google, believes experts. To get the enterprise-level security capability, the product requires buying the enterprise version tool.
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