Sign up to receive 5 free days of our daily summary for tech news.

Read this article for free.

Already a subscriber? Log in here

Startups Markets

Goldman-Backed Symphony to Raise $100M to Expand Beyond Banking

Symphony Communication Services, the bank-backed messaging startup taking on Bloomberg LP in a key part of its business, is in talks to raise at least $100 million from new investors. The company plans to use the money to finance an expansion into health care, government, insurance and accounting, according to CEO and founder David Gurle.

In an interview with The Information at Symphony’s headquarters in Palo Alto, Mr. Gurle said Symphony has reached 230,000 individual users globally and 190 corporate accounts. That compares with Bloomberg’s 325,000, although Bloomberg’s users pay $22,000 a year for a broad range of services including data analytics and trading solutions on bonds, stocks and commodities as well as a news service. Symphony’s basic service costs just $20 per user a month and, unlike Bloomberg, it gives discounts to large accounts. Symphony’s messaging business takes aim at an important feature of Bloomberg’s service—an instant messaging system that traders and hedge fund managers use to communicate with each other.

What Is The Information?

Notebook b5103017ee163370a1667c9ce59ab0ef023875a17888105d26c185cadf31bb69

Daily news analysis

Every weeknight, we'll send you our reporters’ views on the day’s top tech news—distilled into one email.

Notes bb3aa5069205d702dda37fc71dc6f1c59df2310c4379304e9f1199f052af4884

Exclusive Articles

We broke it first. Receive original reporting, stories, and exclusives you won't read anywhere else from the largest newsroom in tech.

Conference calls c9e664e8b96ee347d3e92b8309938f268422b9db98cfabca5c826fbb75054b23

Conference calls

Go deep into areas like crypto and VC diversity—or get real-time analysis of breaking news—via conference calls with our reporters and other experts.

Events 499acedd16cffc41445edd76bfd302b2836c2a27419890f17130a6b10e2aa3df

Special Events

For no extra fee, subscribers get access to more than a dozen events yearly, from intimate dinners to larger gatherings with marquee speakers.

Access the best reporting on the tech industry read by tens of thousands of global executives.

Become a contributor

Share your views and find other subscribers by completing your profile. You’ll be listed in our contributor directory.

Org Charts

Access the only collection of tech company org charts. Our expanding database includes companies like Amazon, Snap, and Uber.

Slack community

Discuss topics and current events with our subscriber-only Slack group and share news about your company with other subscribers.

Share with your team

Subscribers can unlock any article and share it with friends and co-workers through a special share link.

Stay up to date on Silicon Valley

Sign up for Jessica Lessin’s (The Information’s CEO & Founder) free Saturday newsletter and also receive a complimentary week of our daily afternoon tech commentary email.

Already a subscriber? Log in here

Recent Articles

Startups

Delayed IPOs Undercut Startup Employee Options

By Alfred Lee

Asia Venture Capital

Hillhouse Eyes Buyout of KFC Operator Yum China

By Yunan Zhang and Juro Osawa

Venture Capital Cities Startups

Bay Area’s High Costs Drive Away Some Tech Firms

By Cory Weinberg

Crypto

Financial Institutions Warm to Crypto

By Jon Victor

Mr. Gurle says Symphony “will strike a number of partnerships in content and applications” relevant for those sectors, just as it did with its financial services offering.