YCharts, a Chicago and New York-based startup that calls itself a financial terminal for the web, today announced that it has raised $3.875 million in its third funding round. The round was led by Morningstar and Reed Elsevier Ventures, with participation from all of the company’s earlier investors, including Hyde Park Angels, I2A and Amicus. This round brings YCharts’ total funding to $8.625 million.
Last year, our own Rip Empson called the service “a better Yahoo finance,” but the company’s goal is now quite a bit broader than that. YCharts says it computes more than 2,000 metrics for every listed stock in its database and also tracks over 350,000 economic indicators from around the world. The service gets these data points from public sources, as well as through deals with other firms, including data from its investor Morningstar. YCharts also offers an Excel plug-in that allows users to easily pull YCharts data into spreadsheets and financial models.
As the company’s CEO and co-founder Shawn Carpenter told me, YCharts’ pro product is performing well ahead of expectations. Given that the company is seeing larger deals than it expected, the team decided to raise this new funding round to be able to “scale things up more aggressively.” The new funding will be invested in engineering, but also in expanding the company’s sales force.
In a statement today, Carpenter says YCharts currently has more than 1 million monthly users “and we’re increasingly the choice of professionals seeking sophisticated financial information. 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 currently offers two paid plans for financial pros: one for $49/month and, for users who need data export, the Excel plug-in and data verification, which is a $199/month option. You can also sign up for a limited free plan.