DataRails, the financial planning and analysis (FP&A) platform for Excel users, announced today that it has raised $50M in Series B funding. The company’s third investment round in the past 12 months, which was led by Qumra Capital, follows a 5x growth in revenue in the past year, positioning DataRails as the market leader in FP&A software for small and medium-sized businesses. 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 allows teams to enjoy the flexibility and power of Excel, but with the benefit of a cloud-based centralized database allowing real-time consolidation of disparate financial and operational data from across a company. This eliminates hours of manual gathering and consolidation of data for staple reports including budgets, P&Ls, balance sheets, and month-end reporting. Based on AI and Machine Learning capabilities, the DataRails’ solution provides real-time financial consolidation and advanced data visualization, through intuitive and simple implementation.
“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 $7.8B in 2022. In the past year, we have experienced tremendous growth which provides clear validation of DataRails’ superior product-market fit.”
Sivan Shamri Dahan, Managing Partner at Qumra Capital said: “DataRails is leading the transformation of financial teams’ operations, empowering teams in every organization with deep business intelligence (BI) capabilities. For the first time, all financial data is uploaded to the cloud, providing continuous agility and content sharing. DataRails has become one of the fastest-growing SaaS companies we have seen and we look forward to partnering with the company as it continues its outstanding market expansion.”
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.