Based on explosive growth and doubling of customer base in Q1, investors extended round to enable further expansion of the company’s team
DataRails, a leading FP&A solution for SMEs, announced that it has raised $25M in a Series A extension, doubling the company’s valuation. This funding comes on the heels of DataRails raising $18.5M in April 2021, bringing the round total to $43.5M, with participation from existing investors including Zeev Ventures, Vertex Ventures Israel, and Innovation Endeavors and joined by Vintage Investment Partners. The additional investment will be used to manage the company’s rapid expansion, which has doubled in valuation and of its customer base within four months.
Though 72% of small businesses have accelerated their digitization rates to address COVID-19 challenges, CFO’s are still wasting 30-40% of their time on manual financial data analysis and are hesitant to adopt change. DataRails is pioneering the evolution in financial reporting for SMEs and bridging the digital gap by providing the first real truly accessible upgrade to FP&A since Excel was introduced. Its cloud-based platform automates the process of consolidating, analyzing, and reporting financial data without changing the way users work. With DataRails, FP&A analysts and finance professionals can conduct advanced investigations into their data to extract formerly unattainable insights and enjoy a 360-degree view of all unified organizational data all while continuing to work in Excel as they’re used to, freeing up employees’ time to focus on more important business tasks.
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“Over the past year we were in a position to help many SMEs navigate the turbulent waters of financial reporting and show our value to our customers and investors, even as a pandemic and the resulting economic instability presented significant obstacles,” said Didi Gurfinkel, Co-Founder & CEO at DataRails. “Our existing investors recognized the immense potential that DataRails has to offer, and this additional funding is a vote of confidence that will help to expand the reach of our FP&A solution throughout North America and the UK, as well bring in new recruits across to manage the rising demand.”
“We’re thrilled to reinvest in DataRails and continue working with the team to help them navigate their recent explosive and rapid growth,” said Yanai Oron, General Partner at Vertex Ventures. “With innovative yet accessible technology and a tremendous untapped market opportunity, DataRails is primed to scale and become the leading FP&A solution for SMEs everywhere.”
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Oren Zeev, founding partner at Zeev Ventures shared, “Businesses are constantly about to start, in the midst of, or have just finished a round of financial reporting—it’s a never-ending cycle. But with DataRails, FP&A can be simple, streamlined, and effective, and that’s a vision we’ll back again and again.”
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