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The Venture Codex

Morningstar

22 West Washington Street, Chicago, IL, 60602, United States

Overview

Morningstar provides independent investment research to investors worldwide. It offers internet, software, and print-based products for individuals, financial advisors, and institutions. It also supplies asset-management services to advisors, institutions, and retirement-plan participants. Morningstar was founded in 1984 and is headquartered in Chicago, Illinois.

Total investments
16
Lead investments
6
Investments · 12mo
1
Active investors
9

Sector focus

  • Asset Management
  • Enterprise Software
  • Finance
  • Financial Services
  • Impact Investing
  • Market Research
  • News
  • Software
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Investment portfolio

  • Fanable

    Participated · Equity · Oct 2025

    Fanable, built by Ethernal Labs, offers a hybrid marketplace where items such as Pokémon cards, comics, games, and tapes are stored in Brink’s vaults while corresponding blockchain certificates allow verified digital trading. The platform manages logistics, insurance, and storage so collectors can focus on buying, selling, and trading through its iOS, Android, and web apps. Fanable has processed more than 20,000 sales transactions to date and reports that transaction volume is doubling month-over-month, underscoring rapid traction. Revenue figures were not disclosed, but the company’s royalty system ensures original submitters earn a fee on every resale, creating recurring value streams. Future plans include rolling out additional Web3-native features, expanding availability to more countries, and deepening engagement in what it calls the world’s largest Pokémon ecosystem. Fanable is also partnering with the Collect Foundation to introduce the $COLLECT governance and loyalty token, currently in a point-farming phase. By merging physical authenticity with digital liquidity, Fanable aims to redefine how fans interact with and monetize their prized collectibles.

  • Bondex

    Led · Equity · Jun 2024

    Bondex positions itself as a web3 alternative to LinkedIn, using a native BDXN token to power its platform. The app gamifies professional networking and offers referral bounties to users, including token- or dollar-gated payouts of up to $10,000 for successful hires. Bondex says it provides referral bounties so users can act as extended recruitment arms for hiring companies. Recruiting partners onboarded to the platform include Binance, Blockchain.com, Chainlink, CoinMarketCap and Ankr. CEO and founder Ignacio Palomera said the majority of the recent capital will be used to improve the platform with the aim of taking on legacy professional networking sites. The company emphasizes community-driven growth through token mechanics and a CoinList community sale.

  • TIFIN

    Participated · Series D · May 2022

    TIFIN is an AI and innovation platform focused on creating and operating companies that apply data science, AI, and technology to address frictions in wealth and asset management. Founded by Dr. Vinay Nair, TIFIN's portfolio has included 55ip (sold to JP Morgan) and currently includes Magnifi, TIFIN Wealth, TIFIN Give, TIFIN AG, TIFIN AMP, Helix, TIFIN @Work, and Sage. The company builds products intended to deliver individualized advice and more relevant investment products at scale and to accelerate adoption of AI in wealth. TIFIN has been backed by institutional investors including JP Morgan, Morningstar, Hamilton Lane, Franklin Templeton, Motive Partners, and Broadridge. The company is partnering with strategic players to access talent and distribution and to test and scale AI-driven solutions quickly. Recent collaboration with SEI aims to support talent development, rapid solution delivery, and market engagement to drive growth. Tifin operates an AI-powered fintech platform with two divisions: a consumer investment marketplace called Magnifi and a B2B arm serving wealth advisors and enterprise financial services. The company runs a suite of seven products, some developed in-house and some acquired, and recently acquired Qualis to bring private-market investments to retail investors. Tifin has expanded internationally, growing non-U.S. revenue 2.5x since its last fundraise, and its products reach three to four million individuals through a network of roughly 3,000 financial advisors. The firm has doubled headcount from 150 to 300 employees since last October. Management says it is shifting focus toward profitability, targeting B2B profitability within the next 12 months while continuing consumer growth and customer acquisition. Planned uses of new capital include investing in Magnifi’s search engine, expanding internationally, and building out data capabilities for asset managers to improve distribution. Tifin applies AI and data- and investment-driven intelligence to deliver personalization for wealth management and digital distribution for investment managers. It operates two divisions: Magnifi, a search-powered marketplace for investments, and Financial Answers, a consumer platform built on financial media. The company was founded in late 2018 by Vinay Nair and is based in Boulder, CO and New York City. Tifin raised $47M in a Series C at a $447M valuation. The round was led by Hamilton Lane with participation from J.P. Morgan Asset Management, Morningstar and Broadridge. Tifin intends to use the funds to expand operations, pursue additional acquisitions and work with strategic partners to accelerate fintech innovation, including exploring adding alternatives to its WealthTech capabilities with Hamilton Lane. Its executive committee includes Jack Swift, Anil Arora, Sharon French and Dr. Nair. THE TIFIN GROUP operates a fintech platform of ten active operating companies that builds next‑gen products combining investment intelligence, data science, and technology. Its products aim to bridge retail investors, financial advisors, and asset managers by delivering personalized investor experiences. TIFIN’s innovation is organized around four pillars: proven science, investment management, software, and algo technology. The company was founded in Q3 2018 as a fintech studio and evolved into an operating business in Q4 2020. The new capital will support platform expansion, additional acquisitions, and work with strategic partners to accelerate fintech innovation initiatives.

  • Ellevest

    Participated · Series B · Apr 2022

    Ellevest is a New York-based financial company focused on serving women across all stages of their financial lives. Led by CEO Sallie Krawcheck, the firm offers digital investing tools, banking services, professional career and money coaching, learning resources, and private wealth management for high-net-worth clients. Its private wealth services may include personalized strategies such as impact investing. The company intends to use new funding to deepen its offerings, providing personalized coaching, product solutions, and community to help women reach their money goals. The article does not disclose operating metrics such as revenue or user counts. The report is dated 07/04/2022. Ellevest is a digital investment platform focused on helping women meet their financial goals. Founded and launched by former Citigroup CFO Sallie Krawcheck in May 2016, the company provides digital investing alongside newer offerings such as Ellevest Private Wealth Management for high‑net‑worth clients and a Premium Service connecting clients with executive coaches and certified financial planners. Its Private Wealth Management arm now manages $100 million in assets under management. Ellevest says it has clients in all 50 states and Puerto Rico and reports an average client age of 34, though it did not disclose total customer count. The firm plans to use new capital to accelerate growth by investing in technology, expanding product categories, and broadening its financial education offerings. Ellevest’s positioning centers on tailoring investment guidance to women’s specific career and life patterns, including different salary trajectories, longevity, and caregiving interruptions. Ellevest is a digital investment and planning platform built by, for, and with women that uses a practical, goals-based approach to personal finance. The company provides a full‑picture investment plan and tools meant to help women take financial control. By popular demand it is launching Ellevest Ascent, a hybrid service that pairs its investing technology with human financial planners. Ascent will produce personalized action plans across nine areas of financial wellness: Career, Family, Taxes, Cash Flow, Debt, Credit, Investments, Retirement and Insurance. Ellevest says the advice will be tailored to each life stage and include opportunities to save on fees, taxes, healthcare and more. Sallie Krawcheck is CEO and co-founder and the company frames its mission around ending the gender gap in investing. The company closed a $34.6 million funding round, including $9.6 million from the conversion of a previously announced convertible note. Ellevest is a New York City-based digital investment platform that provides goals-based investment plans and customized portfolios tailored for women. Led by Sallie Krawcheck, the platform uses a proprietary algorithm that accounts for women’s unique salary peaks and longer lifespans. It offers goals-based plans for objectives such as starting a business, retiring well, or buying a home, and builds portfolios designed to reach those goals in the majority of markets. The company has multiple patents pending on aspects of its technology. In September 2016 Ellevest raised a $9M funding round from a range of investors, strengthening its financial position to continue product development and growth. Ellevest operates a still-in-beta investment platform tailored to women, positioning itself to serve female investors. The company raised $10 million in a Series A last fall with participation from Morningstar, Mohamed El-Erian, and Mastercard CEO Ajay Banga, among others. Sallie Krawcheck founded and leads Ellevest after buying Ellevate, a global network with tens of thousands of members. Krawcheck, a former Citigroup CFO and a former president of Global Wealth and Investment Management at Bank of America, has said little publicly about Ellevest’s roadmap. TechCrunch reports she is expected to share more details on stage at TechCrunch Disrupt in New York in May; the article describes Ellevest as one of New York’s newest financial startups.

  • Brewbike

    Participated · Equity · Dec 2021

    Brewbike is an Austin-based startup that empowers college students by providing hands-on entrepreneurial experience and the operational tools to run campus businesses. The company recruits students to oversee operations, giving them practical leadership and business skills. Brewbike operates on 11 college campuses. In December 2021 it raised $3M in bridge funding from a syndicate including CEAS Investments, Connetic Ventures, Koto, Techra Investments, Chicago Booth Angel Network, Be-Cause Ventures, Westbrook Inc., Morningstar, Mansueto, and Venetia Kontogouris. The company intends to use the funds to expand its campus footprint and direct-to-consumer operations and to enter new markets at major college campuses nationwide. Founded in 2015 by Northwestern students and led by CEO Sierra Bloodgood, Brewbike plans continued expansion and additional openings throughout the 2022 academic year.

Team

  • Joseph Mansueto

    Founder & Executive Chairman

  • Rex Burgdorfer

    Analyst

    LinkedIn
  • Michael Holt

    CFO

    LinkedIn
  • Bevin Desmond

    Global Head of Talent & Culture, Quality and Transformation

    LinkedIn