FirstRain has announced $6.4 million in funding today. This is their fifth round of funding from Oak Investment Partners. Oak Investment Partners are the majority owner of FirstRain as the company recently changed their product focus. ?I built a new management team and targeted Wall Street,? stated FirstRain president and CEO Penny Herscher. FirstRain was originally founded in 2000. FirstRain is a “business monitoring engine.”
?It was very small, with virtually no revenue,? stated Herscher said, ?It was a technology company looking for a marketplace.? FirstRain is a software-as-a-service business that keeps subscribers alert with breaking news, trends, events, etc. Some of their clients include Symantec, Capital IQ, and Fidelity.
Oak Investment Partners put in $35 million into FirstRain over four investment rounds. This round of funding will be used for expanding sales and R&D teams. This round of funding will also enable the company to focus on mobile services.