On behalf of our team here at PitchBook, we are so excited to announce that we’ve raised $10 million in Series B funding from Morningstar. This is Morningstar’s second investment in PitchBook, putting our post-money valuation at $160 million, and Morningstar’s equity stake at around 20%.
This investment comes on the heels of what has been an incredibly successful journey—for us and for our clients. Since PitchBook was founded in 2007, we’ve demonstrated significant growth. Until now, we were revenue-funded, save for a $4.25 million Series A round that closed in 2009.
Just in the past year, we brought on 713 new clients, rolled out some big changes to the PitchBook Platform, hired 121 new employees and reached $31 million in sales—an incredible 68% YoY increase.
“Our growth stems from a continued focus on providing our customers with the best data, technology and service in the industry,” said PitchBook founder and CEO John Gabbert. “We believe that when our customers have access to comprehensive and meaningful private market information, they are able to find more opportunities and make better, data-informed decisions. We’re proud to have the continued support of Morningstar, a trusted provider of investment research and data.”
This investment nearly doubles the strength of our balance sheet—allowing us to continue our extraordinary growth, while also providing us with capital to invest into refining and expanding our research, accelerating our product development and fueling our growth.
Additionally, this investment will support PitchBook’s teams in Seattle, New York and London. In the next year, we plan to hire 100+ new employees, bringing our total headcount to more than 600.