San Mateo, California, August 2, 2011 - FirstRain, the innovative Business Monitoring Engine™ used by global business professionals to track the critical developments impacting their business, today announced $6.4 Million in new funding led by global technology venture capital firm Oak Investment Partners. This new round is the latest in a series of exciting growth developments for the firm, including a well-received new product release, the signing of major new enterprise customers and an investment in global hiring in both sales and R&D.
FirstRain had previously raised a total of $41 million since FirstRain President & CEO, Penny Herscher reset the product strategy in 2006 and brought in Oak Investment Partners as the new majority owner. “This latest funding represents a tremendous vote of confidence by our Board of Directors and investors in the strategy and growth demonstrated by FirstRain during the last year,” said Herscher. “This new capital will be used to help maintain our growth trajectory, grow the sales team and invest in the product development that keeps us in the forefront of the B2B digital information industry.”
“As excited as we are about this investment,” added FirstRain VP of Marketing, Ryan Warren, “it's just one more sign that FirstRain is emerging as a leader in enterprise information solutions for Sales, Marketing, Finance, Legal and Knowledge Management professionals around the world. Our solutions are being adopted across global sales and marketing teams by some of the largest companies in the world and response to our July 2011 product release, iPhone and Android apps last month is absolutely tremendous.”
FirstRain is a Business Monitoring Engine™ that helps Marketing, Sales, Finance and Knowledge Management professionals ensure they never miss critical events impacting their industry, company and business. FirstRain's patented semantic categorization technology instantly cuts through the clutter of consumer Web content, delivering only highly relevant content from the business Web to individuals or whole enterprises. Partners include leading research platforms such as Capital IQ (a division of Standard & Poor's), FactSet Research Systems, Fidelity.com, Mergent and Seeking Alpha. FirstRain is a privately held company headquartered in San Mateo, California, with additional offices in New York, and Gurgaon, India. For more information, please visit www.firstrain.com.