Investment research technology firm Visible Alpha has expanded its roster of big Wall Street name backers and set its sights on MiFID-led European growth after closing a $38 million funding round led by Goldman Sachs.
Banco Santander, Exane BNP Paribas, Macquarie Group, RBC Capital Markets and Wells Fargo also joined the round, alongside founding investors Bank of America, Citi, Jefferies, Morgan Stanley and UBS.
Set up in 2015, Visible Alpha provides discovery, analysis and valuation tools designed to help Wall Street firms collaborate on research, financial models and corporate access events. With more than 450 research providers onboard, since its commercial launch less than a year ago the firm has grown its client base to more than 100 buy-side firms with combined assets under management of $16 trillion.
It now plans to use the new investment to roll out new products and expand around the world, taking advantage of the research valuation and budgeting requirements of MiFID II.
Darren Cohen, global head, principal strategic investments, Goldman Sachs, says: "Visible Alpha has established its position as a market leader by helping the most sophisticated buy-side and sell-side firms solve their most pressing challenges related to research dissemination, entitlements, procurement and valuation. We look forward to participating in their continued growth and innovation."