TEL AVIV, Israel, June 21, 2021 /PRNewswire/ — DataRails, a leading FP&A solution for SMEs, today 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.
“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.”
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.”
About DataRails
DataRails is the leading provider of next generation financial reporting for SMEs. The cloud-based platform automates the process of consolidating and analyzing financial data and generates reports without changing the way users work. With DataRails, SMEs can conduct advanced investigations into their data to extract formerly unattainable insights and enjoy a 360-degree view of all unified organizational data, freeing up employees’ time to focus on more important business tasks. Founded in 2015, DataRails is based in Tel Aviv, Israel. For more information, visit DataRails.com.
About Zeev Ventures
Zeev Ventures is an early-stage venture fund that invests in technology, financial, e-commerce, and consumer service sectors. Zeev Ventures was founded in 2015 and is based in Palo Alto, California. Zeev Ventures invests $1–$20M per round and continues to support the companies in subsequent rounds. Zeev Ventures has invested in 16 companies, with 3 exits, and 43 partner investments. For more information about Zeev Ventures go to www.zeevventures.com/
About Vertex Ventures
With over $1B in AUM, Vertex Ventures is a leading Israeli venture capital firm. Established in 1997, Vertex has invested in more than 100 companies across 5 funds and already exited from over 40 companies. The fund is an early investor in 3 of the top 10 largest VC stories out of Israel in the last decade: Waze (Acquired by Google for $1.3bn), CyberArk (IPO, $2.5bn+) and SolarEdge (IPO, $1.5bn+). Investments typically range from seed to early-stage rounds with focus on deep technology startups across key sectors including Enterprise Software, Cybersecurity, Automotive, Cloud Infrastructure, Big Data & Analytics, Enterprise SaaS, AgriTech, Digital Health, Industry 4.0 and Fintech. Learn more at www.vertexventures.co.il
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SOURCE DataRails
