DataRails raises $50 million in Series B
Image Credits: TechCrunch
Financial planning and analysis (FP&A) platform DataRails has raised $50 million in Series B funding round led by Qumra Capital with participation from La Maison Partners, Claltech, and previous backers Zeev Ventures, Vertex Ventures Israel, Innovation Endeavors, Vintage Investment Partners, ORYZN and Icon Venture.
On a mission to fundamentally change how analytics are used within the finance function, the New York/Israel-based startup intends to deploy the new capital to add more functionality to its existing product as well as to add new functionality for marketing, sales, and human resource departments. Though the company has not disclosed its post-money valuation, it noted that the figure has gone up three-fold since its last $43.5 million round in June 2021.
Founded in 2015, the company has developed a set of financial planning and analytics tools to automate data collections for financial and operational data, including general ledger, trial balance, budgets, forecasts, sales, or any other data that is generated by any organizational system or resides on any spreadsheet including Excel, Google Sheets, Numbers from Apple, etc. According to co-founder and CEO, Didi Gurfinkel, the company has no plans to build its own spreadsheet software, opting to develop on top of the most popular packages in use today. Thus, the software allows teams to leverage the benefits of well-established spreadsheet packages such as Excel, while allowing real-time consolidation of financial and operational data resulting in the elimination of the manual labor hours spent in consolidating data for the preparation of budgets, P&Ls, balance sheets, month-end reports, etc. “When we founded the company, we wanted to solve the Excel problem with this being a personal tool which the organization doesn’t know how to handle. We wanted to build technology that knows how to leverage Excel and we started selling to organizations a platform that combines Excel sheets. This didn’t take off quickly so two years ago we pivoted and built a new product with our technology, and the company essentially started from scratch,” revealed Gurfinkel.
In a statement, the managing partner of Qumra Capital, Sivan Shamri Dahan, expressed: “DataRails is leading the transformation of financial teams’ operations, empowering teams in every organization with deep business intelligence (BI) capabilities. For the first time, all financial data is uploaded to the cloud, providing continuous agility and content sharing.”
