Monday, June 2, 2008

First Coverage gets $9M second round funding

By Mass High Tech Staff

Financial software provider First Coverage Inc. has received $9 million in Series B funding from investors in both the U.S. and Canada.

Investors include Boston-based Commonwealth Capital Ventures, as well as the company’s $5 million Series A financers from 2006, GrandBanks Capital in Boston and JLA Ventures in Toronto. First Coverage will use the financing to grow its product line and its geographic locations.

As part of the funding, First Coverage will add Jeffrey Hurst, Commonwealth General partner, to its board of directors.

Founded in 2005, Toronto-based First Coverage has U.S. headquarters in Boston. The company provides software products for investment management.