We had another strong year with PitchBook, which just celebrated the 15-year anniversary of its founding. Revenue grew 44.3%, reaching $290.2 million in 2021. Our growth continues to come from three main drivers: Increasing the core customer user base (i.e., private equity and venture capital firms and institutional investors), increasing the user base through “adjacent” customer segments (i.e., corporate M&A teams, investment banks, and service providers), and innovation and product upgrades that add value and allow customers to use PitchBook more often to meet their needs. In 2021, over half of PitchBook’s growth was driven by new sales. As the existing client base grows and we continue to see strong net renewals, we expect the proportion of PitchBook’s growth that comes from existing clients to increase over time.PitchBook’s revenue renewal rate was 127% in 2021.
Our view of the addressable market for PitchBook remains consistent with what we last disclosed. We estimate that our total addressable market (TAM) is $3.5 billion globally, and our pool of potential clients has expanded over time as more participants engage with PitchBook-supported use cases.Use case assumptions feature prominently in our TAM methodology. To be included in the TAM, a firm must be active in at least one use case that PitchBook supports (two use cases for companies). Examples of use cases include identification of comparables and valuation work, deal sourcing, market intelligence, raising capital, etc. Our core investor client segments, which include private equity, venture capital, investment banks, and other investors, currently represent about 35% of the client count assumption we use to size the market. Other service providers represent about 25%, and companies represent about 31%. While still a relatively small percent of our client base, we have also seen strong growth with limited partners and continue to build new data, research and features that target workflows specific to this client type.
We continue to see TAM growth in the corporates vertical as private market importance grows and market intelligence and M&A activity continues to increase.