We're excited to announce the closing of Beacon's $20M Series B funding round, led by Centana Growth Partners and joined by our existing investors PIMCO and Global Atlantic Financial Group. A growth equity firm with deep sector expertise and with decades of experience at scaling high-growth fintechs, Centana is the perfect partner to help us realize our ambitious growth goals.
This new chapter marks accelerating and exciting momentum at Beacon. With the help of our strategic Series A investors and our amazing board of directors, we’ve doubled our recurring revenue and grown our company to an organization of 70 professionals globally. As we reflect on and celebrate our milestone today, we remain true to our mission: to help our clients apply modern technologies to their businesses and give their developers, quants, and data scientists a rich set of integrated enterprise technology tools and financial analytics as a platform to solve problems at scale.
I still remember when Kirat and I came up with the idea of starting a company over a beer at Connolly’s Pub - to apply the lessons we learned from almost 20 years of building trading and risk platforms at investment banks. We saw the opportunity to not only help clients unlock the potential of modern technology to companies of all sizes, but also leverage our team’s collective experience of hailing from traditional big organizations to navigate and structure our firm for success as it grew.
We're now at the point where it makes sense to bring in experts who have been on this journey and know the right and wrong ways to travel it. That's where Centana comes in. With experience working with companies across the financial services ecosystem of similar sizes, Centana will help us develop our product and structure our company as we scale to serve more clients even better.
With our new capital, we’ll be investing in our sales and marketing functions, getting more scientific about how to identify the right buy- and sell-side prospects, and translating demos from proof of concept projects to full implementations. We're also building out a pre-sales engineering team to focus on giving new prospects the best starting point with Beacon.
We will also be focused on further developing our product, from the cloud-based enterprise technology platform, through our suite of financial analytics and data models, through our trading and risk management application solutions. We will continue to make it easy for our clients to use different cloud vendors, will extend our suite of cross-asset financial instruments and markets, will give our clients even more tools to self-service their Beacon environments, rolling out new cutting-edge technology tools, and will further develop our App Store and partner networks.
Lastly, we will continue to invest in giving our clients white-glove service that scales through a dedicated support organization, which we started to build in 2019 and are excited to industrialize this year.
It's been an incredible journey so far, and with the help of our new investors, 2020 is set to be the best one yet for Beacon. Happy New Year!
Mark Higgins, COO and Co-Founder