Morning Consult, data intelligence company, announced today that it raised $31M in its first round of institutional financing to give the company a valuation of $306M. James Murdoch's Lupa Systems and Advance Venture Partners were the top investors.
Launched with $30K in 2014, Morning Consult is on target for $50M in revenues this year.
The company, which counts more than half of the Fortune 500 as clients, uses propriety technology to deliver thousands of daily global interviews to provide insight into what people think.
“For decades, legacy market research firms have failed to evolve, creating a critically unmet need for innovation,” said Michael Ramlet, co-founder and CEO of Morning Consult.
He said the financing will enable Morning Consult to “more aggressively address that unmet need in the communications, marketing, insights, and strategy functions.”
The company's flagship product, Morning Consult Brand Intelligence, features daily tracking of key brand metrics for nearly 4,000 brands in 15 countries.