Updated Sep 26, ’09: Morningstar is another investor, disclosed today.
PitchBook Data, which offers a subscription-only private equity deals database, along with a popular e-mail newsletter on the industry, has raised $3.8 million in a first round of funding. CEO John Gabbert — a former managing director of private markets at Dow Jones (NYSE: NWS) — tells us that angel institutional investors, along with an unnamed strategic investor, participated in the round.
New cash will be sufficient to fund the company until it breaks even, he says. “We’re in solid shape to do that. We’ve built a pretty good brand over the last year educating the marketplace on our private equity information offering,” Gabbert says. He adds that the company’s database has more than “twice as much private equity deal data” as anybody else — and that its newsletter currently reaches about 40,000 people daily. More in this TechFlash report here.
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