DataRails, an FP&A solution for SMEs, announced Monday that it has raised $25 million in a Series A extension, doubling the company's valuation.
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This funding comes on the heels of DataRails raising $18.5 million in April 2021, bringing the round total to $43.5 million, 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, CFOs 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.
"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 DataRails co-founder and CEO Didi Gurfinkel
"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."
