Zurich-based ETFBOOK, operated by SquaredData AG, has raised $13 million in a funding round led by Expedition Growth Capital, with existing investor BlackFin Capital Partners participating. The capital will support the company's expansion of its ETF data and analytics platform from EMEA into the AMER and APAC regions. The announcement on 16 September 2026 highlights accelerating demand for reliable intelligence across a global ETF market that now holds $25 trillion in assets under management.
Addressing Fragmented ETF Data Infrastructure
Global ETF assets have surged to $25 trillion, according to ETFBOOK data, and are projected to reach $35 trillion by 2030. Yet the underlying data infrastructure remains fragmented, with firms relying on multiple vendors, formats, and manual reconciliation processes. ETFBOOK aims to break this cycle by providing an ETF-native intelligence layer that normalizes fragmented data into an actionable single source of truth.
Rapid Market Growth Creates Data Pressure
The pace of ETF issuance is accelerating, with 1,341 new funds launched in Europe and the United States during the first nine months of 2026, according to ETFBOOK data. This represents roughly seven new funds every trading day, split between 386 in Europe and 955 in the United States. Unlike generalist financial data providers, ETFBOOK has focused exclusively on ETFs and was built by ETF experts for ETF market participants.
Product Offering and Growing Clientele
ETFBOOK already serves more than 70 enterprise clients across EMEA, including ETF issuers, fund administrators, market makers, and buy-side investors. The platform provides data through APIs and analytics through a proprietary web application, with an AI conversational layer being added. Recurring revenue has grown more than 100 percent annually over recent years, reflecting strong adoption across the ETF ecosystem.
Expansion Plans Across AMER and APAC
The new funding will enable ETFBOOK to deepen data coverage, enhance web analytics tools, and establish teams in New York and Hong Kong. The company also plans to expand its delivery hub in Cracow with additional technical talent and set up a US entity. This move follows an existing client base spanning continental Europe, the UK, and the US, with combined assets and trading activity in the trillions of dollars.
Executive Perspectives
Pawel Janus, co-founder and chief executive officer, said that global capital has been moving out of mutual funds into ETFs for years, while the underlying data layer has not kept pace. He noted that most firms still piece raw data together by hand across vendors, formats, and conflicting versions. Bartlomiej Igla, co-founder and chief technology officer, added that the company's intelligent architecture automates core operations and allows a lean team to scale without linear headcount growth.
Investor Support and Governance
Steve Twomey, a partner at Expedition Growth Capital based in Boston, joins the ETFBOOK board of directors to support the company's US go-to-market strategy. He said ETF markets are booming, but data and workflows supporting the industry remain fragmented and outdated. Romain Grimal, investment director at BlackFin Capital Partners, added that his firm is doubling down on infrastructure that makes ETF growth possible.
With this $13 million round, ETFBOOK positions itself to become a global intelligence layer for the expanding ETF industry. The combination of new regional offices, deeper data coverage, and AI-enhanced tools is designed to meet the operational needs of a fast-growing market. As the ETF ecosystem continues to attract global capital, the company's focus on a unified single source of truth may prove central to its next phase of growth.