Financial research organisation Morningstar has invested $10m in PitchBook Data, the US-based operator of a venture capital, private equity and M&A data platform.
Founded in 2007, PitchBook runs a database and research tool called the PitchBook Platform, which tracks investment across the entire funding lifecycle to exit.
PitchBook Platform has accumulated more than 1,400 customers, and the company aims to expand its workforce from about 500 to 600 during this year while developing new features and expanding the platform.
The funding follows a $4.25m Morningstar-backed series A round that closed in 2009. Morningstar increased its stake in PitchBook to 20% with its latest investment, provided at a $160m valuation.
Kunal Kapoor, president of Morningstar, said: “Like Morningstar, PitchBook is demystifying a corner of the investment landscape that is otherwise hard to access for many.
“PitchBook has a top-quality database, and we’ve been impressed with the company’s dedication to accuracy, customer service, and innovation – qualities we value highly at Morningstar.”