Israel’s financial planning and analysis (FP&A) platform for Excel DataRails users today announced that it has completed a $50 million Series B funding round led by Qumra Capital. New investors La Maison Partners and ClalTech, as well as existing investors Zeev Ventures, Vertex Ventures Israel, Innovation Endeavors, Vintage Investment Partners, Oryzn Capital and Icon Venture also participated.
#1 Other startups want to replace Excel – DataRails makes it better
Israeli financial planning firm DataRails raises $25 million
Founded in 2015 by Didi Gurfinkel (CEO), Eyal Cohen (VP Operations) and Oded Har-Tal (CTO), the latest round, DataRail’s third in the last 12 months, brings the total raised by the company. DataRails was chosen as “Globes’ Most Promising Startup of 2021. The company reports that revenue has increased fivefold over the past year. Annual recurring revenue (ARR) is approaching $10 million, according to estimates. DataRails has 180 employees.
DataRails will use the funding to further invest in R&D as well as sales and marketing, and to expand and support its customer base worldwide.
DataRails improves Excel for small and medium businesses, with a centralized cloud-based database enabling real-time consolidation of financial and operational data across the enterprise. This eliminates hours of manual data collection and consolidation for basic reports, including budgets, P&Ls, balance sheets, and month-end reports. Based on artificial intelligence and machine learning capabilities, DataRails’ solution provides real-time financial consolidation and advanced data visualization, through an intuitive and simple implementation.
Gurfinkel said, “Over 80% of small and medium-sized businesses use Excel for financial planning and analysis, and know the pain of manual work, interrupted processes, and scattered data. The need for consolidation, collaboration and real-time extraction of financial information is enormous, with the US market alone estimated at $7.8 billion in 2022. Over the past year, we have experienced phenomenal growth that clearly confirms DataRails’ superior product-market fit.
Published by Globes, Israel business news – en.globes.co.il – on March 10, 2022.
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