LONDON – Nov. 17, 2023 – Benchmark Mineral Intelligence – the world’s leading provider of independent prices, data, and advisory services for the lithium ion battery and electric vehicle (EV) supply chain – has closed its first ever equity investment led by Spectrum Equity.

Spectrum is a leading growth equity firm focused on internet-enabled software and global data intelligence businesses. Since the firm’s inception, Spectrum has raised $11.2 billion in limited partner capital and invested in 170+ companies across the information economy.

Benchmark has emerged as the industry standard for lithium and critical mineral prices, data and supply chain intelligence used in major contract negotiations, infrastructure investment and government policy decision making.

As a result, the company has seen over 500% sales growth over the past three years as it built out its customer base, product portfolio and global footprint.

This outside investment will enable Benchmark to accelerate its expansion in analyzing key energy transition technologies and their supply chains.

“We are delighted to welcome our first ever investor in Spectrum Equity,” said Simon Moores, CEO of Benchmark. "It is an incredible achievement for us that solidifies our position as the world’s premier price and data provider for the lithium ion battery supply chain – from mine to gigafactory.”

“This investment highlights the criticality of innovative UK companies like Benchmark in supporting a global energy transition. We are proud to play a central role as the electric vehicle revolution gathers pace,” Moores added.

Parag Khandelwal, Managing Director at Spectrum Equity said: “Simon and the entire Benchmark team have built an exceptional company, and their independent market price assessments and supply chain data are trusted by all major market participants to make business and investment decisions that are shaping this new energy economy.”

“As multi-decade investors in global data and intelligence businesses, we’re excited to have the opportunity to work closely with the Benchmark team and support their very ambitious growth plans,” Khandelwal explained.

Adam Margolin, Managing Director at Spectrum Equity said: “We are thrilled to partner with Team Benchmark. The energy transition presents a once in a generation opportunity for an independent, upstart company like Benchmark to solve the ongoing price and data requirements of the lithium ion battery supply chain, a core component of the energy transition.”

“Benchmark has all of the attributes we look for in a category-defining information services business, and we are excited to see what the company can accomplish in the years to come,” Margolin added.

About Benchmark

Benchmark enables the energy transition through a world class, independent offering of lithium and critical minerals prices, battery and EV supply chain data forecast subscriptions, advisory services, and industry-specific events.

Benchmark’s clients are major decision makers across the critical minerals, battery materials, lithium ion battery and automotive OEMs. Benchmark is the world’s only Price Reporting Agency (PRA) audited to the highest Type 2 IOSCO standard across the suite of raw material prices it publishes.

Benchmark sets reference and benchmark prices for lithium and other key battery raw materials and chemicals, including graphite, anode, nickel, cobalt, cathode, PCAM, black mass (battery recycling) and battery cells.

The company recently expanded into the rare earth elements for permanent magnet supply chain and seeks to add coverage of new supply chains critical to the energy transition.

Founded in 2014 in the UK, Benchmark has experienced significant organic growth since 2019. The company is a truly global business, with over 90% of its revenue originating from international markets.

Benchmark is a unique, UK start-up success story for the 21st century, serving future facing industries with best-in-class information and data services.

Benchmark Advisor Acknowledgments:
Cardean Bell served as lead financial advisor to Benchmark Mineral Intelligence. Crowell & Moring U.K. LLP served as legal counsel and Kingswood LLP served as financial and tax advisor.

www.benchmarkminerals.com

About Spectrum Equity
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy.

For nearly 30 years, the firm has partnered with exceptional entrepreneurs and management teams to build long-term value in market-leading internet-enabled software, data, and information services companies.

With offices in Boston, San Francisco, and London, the firm is investing its tenth fund with $2 billion in limited partner capital. Representative investments include BATS Global Markets, Definitive Healthcare, SurveyMonkey, World-Check, and Verafin. For more information, including a complete list of portfolio investments, visit our portfolio page.

Spectrum Equity Acknowledgments:
Solomon Partners served as financial advisor to Spectrum Equity. Latham and Watkins served as legal counsel.