Databento raised a $100 million Series C at a $1.1 billion valuation, four months after its $97 million Series B. The market-data supplier announced the financing on November 12 as it expands the physical network behind its trading-data feeds.
Fifth Down Capital led the round, and Fitch Ventures joined as a strategic investor. CEO Christina Qi wrote that Databento was not actively fundraising, but revenue had more than doubled since the Series B and customers were asking for faster expansion.
Databento supplies historical and real-time data on equities, futures and options to quantitative trading firms, brokerages and asset managers. Its interfaces let developers reuse code when moving from testing strategies against past market activity to live trading. Customers can buy historical data by the gigabyte or choose subscriptions, with the depth of included history varying by plan.
In its July 9 financing announcement, Databento said it had reached profitability with 24 employees. It now reports a workforce of fewer than 40.
The company installs its own servers at exchanges to capture data directly. In July, it targeted more than 20 data centers worldwide within six months; its latest announcement says infrastructure buildouts at nine centers are nearly complete.