First Coverage Secures US$9 Million In Financing

By Dave Forde on June 3rd, 2008

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“Let’s Make A Deal” are probably the words that are echoing through the offices of First Coverage, a Toronto-based financial information management software as a service (SaaS) provider as they’re secured US$9 Million in financing. The series B funding is led by Boston-based Commonwealth Capital Ventures and also included in the syndicate are Boston-based GrandBanks Capital and Toronto-based JLA Ventures. This round of financing will be used to further First Coverage’s growth via both product development and geographic expansion, among other activities. In addition to the funding, Commonwealth General Partner Jeffrey M. Hurst will become a member of First Coverage’s Board of Directors. Mr. 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.