The Seattle investment-research company plans to use the money, from fellow research firm Morningstar, to fund its continuing booming growth.
PitchBook Data, a Seattle investment-research startup, raised its largest funding round yet Wednesday — a $10 million round from fellow research firm Morningstar.
The tech startup raised a series A round seven years ago and has since been running on revenue it generates. CEO John Gabbert said the latest round will help the company continue its booming growth.
PitchBook, which recently moved to a new, larger headquarters in downtown Seattle, plans to hire about 150 employees this year, bringing its total to more than 600 people globally. Last year, the company added 121 employees, including 82 in Seattle.
The startup began by tracking private equity investments and has expanded to research venture-capital investments, mergers and acquisitions and some public company information.
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Gabbert admits Seattle is not the financial-technology capital of the world, or even the country, but he intends to keep growing within the city. Originally, the drive to set up shop in Seattle came from a love of the West Coast, as well as family, some of whom live in the city
Settling in Seattle has worked out well for the company, which can pull from the big and growing tech talent pool, as well as from fresh University of Washington graduates.
“Finance graduates coming out of UW don’t have a lot of opportunities to stay in the area,” Gabbert said. “We have something unique to offer.”
PitchBook and Morningstar have long shared data between each other. Morningstar also invested in the company’s first $4.25 million round in 2009; it now owns about a 20 percent stake in the company.
PitchBook claims expertise in financing data, so the company naturally released many details of its latest round. The company raised the money at a $150 million valuation and reported its annual sales hit $31 million last year — a 68 percent increase from the previous year.
PitchBook has more than 1,400 enterprise customers.