Israeli financial planning company for SMEs DataRails today announced that it has completed a $25 million Series A extension financing round. This funding comes in the wake of DataRails raising $18.5 million in April 2021, bringing the round total to $43.5 million. The extension round was with participation from existing investors including Zeev Ventures, Vertex Ventures Israel, and Innovation Endeavors and new investor Vintage Investment Partners.
This latest investment will be used to manage the company’s rapid expansion, after it has doubled in valuation and its customer base within four months.
DataRails is changing financial reporting for SMEs and bridging the digital gap by providing an accessible upgrade to FP&A since Excel was introduced. The company's 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.
DataRails was founded in 2015 by CEO Didi Gurfinkel, COO Eyal Cohen, and CTO Oded Har-Tal.
Gurfinkel said, "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. 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."
Published by Globes, Israel business news - en.globes.co.il - on June 21, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021