Founded in 2009, Consumer Edge offers data insights tools focused on global consumer spending for investment and corporate clients, including data feeds, templates and visualisation platforms.

The company will use the funding to support organic growth and its mergers and acquisitions strategy.

Dan Bailey, managing director at CoVenture, said: "While there continues to be a robust growth opportunity for Consumer Edge within the public markets, the white space opportunity within the private markets is even more compelling. It’s our belief that the use of alternative data by private markets investors as well as corporate decision makers will increasingly become mission critical, and that Consumer Edge in particular is well-positioned to capitalise on this secular trend towards greater reliance on data-driven decision making."

Bailey joined Consumer Edge’s board of directors following the closing of the financing.

Bill Pecoriello, chief executive and founder of Consumer Edge, said: "I was very focused on finding the right partner given this is the first institutional capital raise for the business.

"CoVenture was a clear and obvious fit given its speed of execution, strong understanding of the sector, and positioning as a value-additive and long-term partner with highly relevant industry relationships."