DataRails raises an additional $25M in its Series A round

SaaS News -DataRails-books-$25M-more-to-build-better-financial-reporting(source: SaaS Industry)
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In its Series A investment round, DataRails, a financial solutions provider for SMEs, raised $25 million. The company’s platform enables small businesses to use Excel in the same manner that larger firms use for financial planning and analytics. Didi Gurfinkel and Eyal Cohen built DataRails to provide a more general-purpose system that could help, analyze, and report data.

DataRails, a financial solutions provider for SMEs, has raised $25 million additional funds in its Series A funding round. With the round, the company closed its Series A, which raised $18.5 million in April. Vintage Investment Partners joins Zeev Ventures, Vertex Ventures Israel, and Innovation Endeavors in the round.  

The new funding will continue developing a platform that allows small businesses to utilize Excel to perform financial planning and analytics in the same way that bigger companies do. The total amount raised through Series A is $43.5 million. 

DataRails has developed a platform that can read reported data, which is generally stored in Excel spreadsheets, and automatically transform it into a larger business picture.

On the one hand, SMBs have begun to adopt a more significant number of apps, including software delivered as a service, to help them manage their businesses. This trend has been accelerated in the last year by the pandemic and the knock-on effect it has had for remote working and the introduction of more virtual elements to replace face-to-face interactions. Salesforce, NetSuite, Sage, SAP, QuickBooks, Zuora, Xero, ADP, and more applications are among them.

On the other hand, individuals in charge of money and financial reporting in businesses lack the tools to analyze data from several applications comprehensively. While many of them use Excel as their preferred tool, they just view several spreadsheets rather than perform integrated data analyses based on the information.

DataRails was created by Didi Gurfinkel, the CEO, Eyal Cohen, the CPO, and Oded Har-Tal, the CTO, to create a more general-purpose solution that could assist, analyze and display anything from Excel.

We started the company with a vision to save the world from Excel spreadsheets. The core of our technology knows how to take unstructured data and map that to a central database.” Before 2020, DataRails, established in 2015, used this approach across a range of industries, emphasizing banks, insurance firms, compliance, and data integrity.

Didi Gurfinkel, the CEO, Eyal Cohen

According to Mr. Cohen, the average DataRails customer may be a company with 50 employees or 1,000. This number is too small for corporate solutions, which, among other things, can cost tens of thousands of dollars to deploy and use.  

The objective with DataRails, as with so many of the apps being created today to serve individuals who use Excel, is low-code or, even better, no-code, which means “no IT in the loop,” he added.

That’s why we are so successful. We are crossing the barrier and making our solution easy to use.

Eyal Cohen, the CPO

Today, the firm doesn’t have many competitors. However, startups like Cube are among them. Others, such as Stripe, have been increasing the tools they provide to businesses as part of their larger bid to manage payments and, as a result, other procedures linked to financial activity, so it, or others like it, may become rivals in this sector at some time.

We’re thrilled to reinvest in DataRails and continue working with the team to help them navigate their recent explosive and rapid growth. 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.

Yanai Oron, general partner at Vertex Ventures

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.

Oren Zeev, founding partner at Zeev Ventures
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