LEHI — RainFocus, a 4-year-old Utah company that's developed a digital platform for managing and marketing large-scale events, announced a $40 million private equity funding round this week.
The new capital infusion, led by Baltimore-based JMI Equity, will help the company fund accelerated product development and international market expansion.
RainFocus CEO JR Sherman said his company will also benefit from JMI's expertise in the software-as-service realm.
"The value of our partnership with JMI Equity was immediately apparent," Sherman said in a statement. "The culture and team at JMI are uniquely suited and equipped to augment our strong leadership team, guide implementation of scalable infrastructure and fuel our growth.Comment on this story
"JMI's extensive history of success in the (software-as-service) space made them the ideal partner for the disruptive strategy at RainFocus."
Two JMI executives, general partner David Greenberg and principal Larry Contrella, will join the RainFocus board of directors as part of the deal.
"We see tremendous potential for RainFocus to further transform the event marketing industry through the company's market-leading product and commitment to delivering a significant return on investment to their customers," Contrella said in a statement.