How can you tell if private market data is out of date?
Compare the database record with the most recent official filing. If the filing is newer, or says something different, the record is stale. Staleness is the most common complaint about private market databases: PitchBook's G2 reviewers mention outdated information 36 times and thin small-company data 29 times (G2, 2026).
Is PitchBook data outdated?
Some of it, some of the time, and mostly for smaller companies. On G2, outdated information is the most cited complaint about PitchBook, ahead of small-company data, inaccuracy and price (G2). Reviewers on PitchBook's own G2 page describe ownership still listed years after a sale and the need for extra research on small or niche companies (G2 PitchBook reviews).
To be fair to PitchBook, its coverage of larger, venture-backed companies is broad, its G2 reviewers rate data access highly, and the company describes a dedicated data hygiene team of 25 to 30 researchers who correct errors and fill gaps (PitchBook). Other private market databases face the same problem, for the structural reasons below.
Is Crunchbase data more current?
Crunchbase reviewers praise its funding search but also report stale or incomplete profiles, especially for smaller, private and non-US companies (G2 Crunchbase reviews). Crunchbase itself says the accuracy of some profile data depends on contributors keeping it current and invites corrections through a feedback form (Crunchbase support).
Why does private market data go stale?
Private companies have few reporting duties, so databases fill records from announcements, surveys, web pages and filings, and each source updates on its own clock. Some sources never update at all. A Lehigh study of almost 40,000 venture rounds found that more than 50% had no Form D on file with the SEC, with early-stage and high-tech companies less likely to file (Hanley and Yu, ECGI). A database that relies on filings misses those rounds. A database that relies on announcements misses quiet raises and quiet failures.
What are the signs that a record is stale?
| Sign | How to check | Source of truth |
|---|---|---|
| Last funding date is old but the company is hiring fast | Search EDGAR for a newer Form D or amendment | SEC EDGAR |
| Owner listed is a fund that has since sold | Look for a merger filing or announcement of the sale | SEC filings, press releases |
| Directors or executives have left | Check the officers list and resignation filings | UK Companies House, Form D related persons |
| Headcount looks wrong | Compare with job postings and the employee number in full accounts | Company careers page, UK accounts |
| Company shown as active but filings stopped | Check the register status and filing deadlines | Companies House, state registry |
| No "last updated" date on the record | Ask the vendor; treat undated figures as unverified | Vendor documentation |
Step 1. Find the newest official record
For a US issuer, search SEC EDGAR for Form D notices. A Form D is due within 15 days after the first sale, and must be amended at least yearly while the offering continues (17 CFR 230.503). For a UK company, open the Companies House filing history. Accounts are due 9 months after the financial year ends (GOV.UK), and a confirmation statement at least every 12 months (GOV.UK). Our guide on how to research a UK company on Companies House walks through each section.
Step 2. Compare field by field
Check the amount raised, date of the last round, officers, legal name, status and address. Note each difference and which source is newer. A filing beats a database field, and a recent filing beats an old one.
Step 3. Decide what the gap means
A missing new round may mean the company did not file, or that the database has not picked it up. A listed executive who left a year ago means the record has not been reviewed in a year. Write down the date of the newest source you found, so a reader knows how fresh your own view is.
Step 4. Report errors and keep a log
Send corrections to the vendor, and keep a short log of the gaps you found by company size and sector. After a few months the log tells you where your database is reliable and where you need to check every record.
When should you keep your current database?
Keep it if your work centres on larger, venture-backed or sponsor-backed companies, where commercial databases are strongest, or if you need investor names, valuations, fund performance data or an Excel feed. Free public records do not supply those. For a view of cost and options, see our guide to PitchBook cost and alternatives.
Where does Tamarly Intelligence help?
Tamarly Intelligence is Tamarly's research platform on companies, funds, countries and markets, built from official filings and open data. It is built for the check described above: every figure links to the filing or record it came from, so you can see its date, and when Tamarly does not cover a company it says so. Ask the Brain grades each source from A (official filing or register) to D (secondary source).
The Venture workflow reads every new Form D from operating companies, and each company has its Form D history rebuilt into rounds. Tamarly does not show investor names on private rounds, valuations, fund performance benchmarks or market prices.
Check any private company against its latest filing free for 7 days
Frequently asked questions
How often is PitchBook data updated?
PitchBook does not publish one refresh cycle for every field. It describes a data hygiene team of 25 to 30 researchers that corrects errors and fills in missing information (PitchBook). Check the date on each record and compare it with the newest filing.
Why is a funding round missing from my database?
Either the company announced nothing and filed nothing, or the database has not added it yet. More than 50% of venture rounds in one Lehigh sample had no Form D (Hanley and Yu, ECGI), so some rounds are invisible to every filing-based source.
Which is more reliable, a database or a filing?
The filing, for the facts it contains, because the company made it under a legal duty. Databases add useful context, such as investors and valuations, that filings rarely carry. Use the filing to check the database, not the other way round.
About the author. Melvine Manchau is the founder of Tamarly and author of the Tamarly Newsletter. He previously worked at PwC, Salesforce, BlackRock/eFront and Lazard.
About Tamarly Research. Tamarly Research is part of Tamarly Media, which holds no investment positions. Tamarly is a New York research house that studies how AI is changing regulated institutions.