InvestorForce.com completed its last round of venture capital financing raising a total of $22 million leaving it to consider when to launch an IPO. Although a fall date has been rumored, Robert Hull, CFO, said the company feels no pressure to go public.
Company officials said the site has been successful, with more than $1 billion in mandates being awarded to investment management firms through the site since March. Jim Morrissey, president and CEO, said in a statement that the milestone was very important to the company in demonstrating the success of its proprietary systems. A spokesman would not name any of the institutional investors using the manager search function on the site.