DataRails, an Israeli startup developing a financial reporting platform for SMEs, extended its Series A round, adding $25 million to the April funded $18.5 million, and doubled its market valuation. The investment included existing investors: Zeev Ventures, Vertex, and Innovation Endeavors. These were joined by newcomer -- Vintage Investment Ventures.
Automating financial reports
The DataRails platform helps small and medium enterprises automate monthly and quarter financial reports. The platform enables companies to transition to cloud-based financial tools, while end users continue to work in Excel as they’re used to. Seamlessly integrating into existing enterprise systems (CRM, HRIS, ERP) and sophisticated Excels, the DataRails solution unifies organizational data to provide customers with valuable insight into their financial report processes.
“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 Didi Gurfinkel, Co-Founder & CEO at DataRails. “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.”
According to Oren Zeev, founding partner of Zeev 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.”
DataRails was founded in 2015 by CEO Gurfinkel, COO Eyal Cohen, and CTO Oded Har-Tal. The company has raised $53.5 million to date and has 80 employees on the roster -- most of the team is based in Tel Aviv.