Punchbowl News Buys Legislative Data Firm, Valued at Over $100 Million as Niche DC News Startup Rapidly Expands
-
Punchbowl News, a DC political news start-up, is acquiring Electo Analytics, a company that tracks and analyzes legislation. This deal values Punchbowl at over $100 million.
-
Punchbowl is focused on a niche audience willing to pay for insider knowledge and breaking news on Capitol Hill and plans to incorporate Electo's legislative data into higher-tier subscriptions.
-
The company was founded 3 years ago by former Politico journalists and has quickly established itself through coverage of major DC events. It's on track to generate $20 million in revenue this year.
-
Punchbowl aims to serve its audience in new ways based on demand for more information. It is profitable and expanding into coverage of the financial services industry.
-
By end of 2023, Punchbowl plans to employ 30 people, up from 23 currently, with the goal of staying nimble even as it grows.