Bison, a fintech company focused on developing innovative software solutions for the private markets, has closed a funding round led by FINTOP Capital. Also participating are Bison's existing investors, Hamilton Lane (NASDAQ: HLNE), a global private markets asset management firm, and GrandBanks Capital, a Boston-based VC firm. Along with the investment, Bison also announced Rick Kushel, General Partner of FINTOP, has joined Bison's Board of Directors.
The funding comes a little more than a year after the successful launch of Cobalt LP and Cobalt GP, a suite of business intelligence software products built by Bison for private fund managers and investors. Cobalt addresses a growing need in the private markets for real-time portfolio analysis, data visualization, benchmarking and automated reporting.
Fund managers and institutional investors have adopted Cobalt to help optimize their workflows, replace Excel as their go-to solution and ultimately deliver more robust analytics and sharper insights. Bison plans to use the recent investment to further develop the Cobalt product line as well as expand global sales and distribution channels. Cobalt LP is distributed by Hamilton Lane, while Cobalt GP is distributed by Bison.
"Bison's technology is powerful and clearly primed to take our global market by storm," said Rick Kushel, General Partner of FINTOP. "Cobalt meets needs that are currently underserved in today's market, and we believe Bison is uniquely positioned to lead the way in creating innovative technology solutions to solve the ever-increasing need for analysis, collaboration and reporting."
"The adoption of the Cobalt products in the first year was beyond our expectations," said Rasmus Goksor, CEO, Co-Founder of Bison and Product Visionary for Cobalt. "We're seeing the demand continue to build as we learn more and meet the needs of investors and managers in this market. We're excited to add headcount to Bison's team, expand our reach into new markets and bring technology innovation to the private markets."
"We are thrilled to welcome Rick to the Board," said Erik Hirsch, Vice Chairman and Head of Strategic Initiatives at Hamilton Lane, and Chairman of the Board of Bison. "We believe the private markets are ripe for technological disruption, and Cobalt can help facilitate that charge. Rick and FINTOP bring invaluable experience to the table and will be great partners as Bison enters this phase of growth with the Cobalt suite of products."
About Bison Bison, short for Boston Illiquid Securities Offering Network, is a fintech company focused on innovation for the private markets. Bison's mission is to use the power of nimble technology and transparent data to bring unmatched software solutions to the market. Headquartered in Boston, MA with an office in Gothenburg, Sweden, Bison's products serve some of the industry's leading fund managers and asset allocators. To learn more about Bison, visit www.bison.co.
About FINTOP Capital FINTOP Capital, managed by seasoned financial technology operators, invests in B2B service-enabled SaaS and software companies in the fintech space, and brings real world understanding, networks, experience, and capital to grow those companies. Target companies have a proven product in the market, real revenues, and are helmed by veterans of the industries they're looking to shape. To learn more about FINTOP Capital, visit http://www.fintopcapital.com.
About Hamilton Lane Hamilton Lane (NASDAQ: HLNE) is a leading alternative investment management firm providing innovative private markets solutions to sophisticated investors around the world. Dedicated to private markets investing for 26 years, the firm currently employs more than 330 professionals operating in offices throughout the U.S., Europe, Asia-Pacific, Latin America and the Middle East. With approximately $405 billion in total assets under management and supervision as of September 30, 2017, Hamilton Lane offers a full range of investment products and services that enable clients to participate in the private markets asset class on a global and customized basis. For more information, please visit http://www.hamiltonlane.comor follow Hamilton Lane on Twitter: @hamilton_lane.