YCharts Adds Growth Capital to Continue Institutional Market Penetration
Reed Elsevier and Morningstar are Lead Investors
Third Round of Funding Attracts $3.875 Million
CHICAGO -- May 9, 2013
YCharts raised a third investment round of $3.875 million to fund accelerated
growth of the company’s Financial Terminal of the Web, with Morningstar Inc.
(MORN) and Reed Elsevier Ventures (ENL) as lead investors. This brings the
total investment in the company to $8.625 million.
YCharts, based in Chicago and New York, was founded in 2009 by Shawn
Carpenter, a former Google executive, who serves as CEO, and Ara Anjargolian,
former lead developer for Tribune Co., who serves as CTO.
“We serve roughly one million users monthly and we’re increasingly the choice
of professionals seeking sophisticated financial information,” Carpenter said.
“This latest funding round -- led by two globally prominent information
companies, each with great strategic relevance to YCharts -- will enable us to
be even more aggressive in growing our institutional business.”
YCharts clients are focused within the investment, management consulting, and
insurance industries as well as corporate sales teams. YCharts’ mission is to
collect all financial data, globally, across all asset classes, and make it
available via the web. YCharts tracks 350,000 economic indicators from around
the world and more than 2,000 metrics for each listed equity.
“Taking advantage of the latest technology, YCharts has been able to build its
platform far more efficiently than predecessors in the financial information
business,” Anjargolian noted.
YCharts’ success in a competitive marketplace caught the attention of Reed
Elsevier, a global information company based in London. “Reed Elsevier
generates revenues of more than £6 billion a year by providing professionals
around the world with scientific and medical, legal and business information
solutions, and we like the disruptive power that YCharts is bringing to
financial data,” said Kevin Brown, General Partner at Reed Elsevier Ventures.
“We are very bullish on YCharts and its long-term potential to transform the
financial information industry.”
Joe Mansueto, founder and CEO of Morningstar, said, “This is our second
investment in YCharts and we’re encouraged by the company’s growth and the
management team’s focus on serving investors and other professionals. These
are constituencies Morningstar has long and deep experience serving, and
YCharts is resonating in these markets.”
Institutional investors require robust data and analytics. A handful of
financial terminals exist but at a high cost and the user interfaces are often
very complex. YCharts customers gain access to comprehensive data,
visualization and advanced analytics via the web at a fraction of the cost.
Shawn Carpenter, 312-548-3400
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