Financial planning and analysis platform DataRails has scored $50m in its Series B funding round.
Qumra Capital served as the lead investor to the round. Other contributions came from investors La Maison Partners, ClalTech, Zeev Ventures, Vertex Ventures Israel, Innovation Endeavors, Joey Low, Vintage Investment Partners, Oryzn Capital and Icon Venture.
With the capital injection, DataRails plans to invest in its R&D and bolster its sales and marketing efforts. Funds will also be used to support the global expansion of its customer base.
This investment marks DataRail’s third investment over the past 12 months. DataRails has experiences a five-times growth in revenue over the past year.
The company closed its Series A funding round back in June 2021. It secured $25m in a Series A extension, which doubled its valuation to an undisclosed amount.
DataRails provides teams with a cloud-based centralised database that supports real-time consolidation of disparate financial and operational data from across a company. With this, a company can rduce the manual workloads of gathering and consolidating data for staple reports, including budgets, P&Ls, balance sheets and month-end reporting.
DataRails co-founder and CEO Didi Gurfinkel said, “More than 80% of small and medium-sized businesses use Excel for financial planning and analysis, and experience the pain of manual work, broken processes, and scattered data,”.
“The need for real-time consolidation, collaboration, and extraction of financial insights is huge, with the US market alone estimated at $7.8B in 2022. In the past year, we have experienced tremendous growth which provides clear validation of DataRails’ superior product-market fit.”
Copyright © 2022 FinTech Global