DataRails, the financial planning and analysis (FP&A) platform for Excel users, has raised $50 m. in Series B funding.
This investment round, led by Qumra Capital, is the company’s third in the past 12 months following a 5x growth in revenue in the past year. DataRails will use the funding to further invest in R&D as well as in sales and marketing, and to expand and support its customer base worldwide.
DataRails automates data consolidation, reporting and planning, while enabling finance teams to continue using their own Excel spreadsheets and financial models.
The company’s platform applies cloud technology to Excel, by means of a centralized database allowing real-time consolidation of disparate company-wide financial and operational data. This streamlines the data gathering and consolidation processes, saving hours of potential work.
“More than 80% of small- and medium-sized businesses use Excel for financial planning and analysis, and experience the pain of manual work, broken processes and scattered data,” said Didi Gurfinkel, co-founder and CEO of DataRails.
“The need for real-time consolidation, collaboration and extraction of financial insights is huge, with the US market alone estimated at $7.8 billion in 2022,” he said. “In the past year, we have experienced tremendous growth which provides clear validation of DataRails’ superior product-market fit.”
The funding round, led by Qumra Capital, also included new investors La Maison Partners and ClalTech, as well as existing investors Zeev Ventures, Vertex Ventures Israel, Innovation Endeavors, Joey Low, Vintage Investment Partners, Oryzn Capital and Icon Venture.
“DataRails is leading the transformation of financial teams’ operations, empowering teams in every organization with deep business intelligence capabilities,” said Sivan Shamri Dahan, managing partner at Qumra Capital.
“For the first time, all financial data is uploaded to the cloud, providing continuous agility and content sharing,” she said. “DataRails has become one of the fastest-growing SaaS [Software as a Service] companies we have seen and we look forward to partnering with the company as it continues its outstanding market expansion.”
In recent years, cloud technology has evolved significantly: What was once a shoehorned buzzword is now one of the leading technologies in the high-tech market. “10 years ago, everyone said ‘Oh, we’re Cloud, we’re Cloud’ and had nothing, but they started gearing to that and gaining maturity slowly,” Incredibuild CEO Tami Mazel Shahar said.
As the technology has indeed matured, titanic cloud vendors such as Amazon, Microsoft and Google have developed new business models to maximize profits from a cloud-based SaaS tech landscape – and Israel plays a critical role in that landscape’s future.
“Israel is a hotbed for digital innovation and entrepreneurship, and cloud technology is playing a pivotal role in new and exciting opportunities for local organizations and communities,” said Ronit Atad, general manager at Microsoft Israel.
“Behind every successful organization’s resilience and growth is the need to enhance their own digital capability,” she said. “Cloud computing is at the heart of that, with customers’ data being one of their strongest assets in leading to acceleration of their business – and the Israeli economy.”