Investors Joining Messaging Startup Symphony, to Tune of $100 Million

Symphony Communication Services LLC, the Wall Street-backed messaging startup, said Monday it raised more than $100 million from investors that include Alphabet Inc.'s Google unit and UBS Group AG.

The new capital will be used to "accelerate global customer adoption," the Palo Alto, Calif.-based company said in a statement. Venture-capital firm Lakestar, Natixis and Socié té Gé né rale also joined the latest funding round, which also drew money from existing investors such as Merus Capital, a venture-capital firm.

The Wall Street Journal reported earlier this month that the latest investment would value Symphony at $650 million.

"This financing is a vote of confidence in Symphony's value proposition," David Gurle, the company's founder and chief executive, said in the statement.

A group of 15 financial firms, including Goldman Sachs Group Inc., Morgan Stanley and BlackRock Inc., had put $66 million into Symphony last year.

Write to Justin Baer at [e-mail]

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(END) Dow Jones Newswires

October 12, 2015 09:55 ET (13:55 GMT)

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