DataRails, which provides SMEs with financial reporting support, has bagged $25m in its Series A extension, doubling the company valuation.
The RegTech company previously raised $18.5m in Series A funding back in April 2021. It is not clear what the company valuation is.
Contributions to the round came from Zeev Ventures, Vertex Ventures Israel, and Innovation Endeavors and Vintage Investment Partners.
With the equity line, DataRails is hoping to foster its expansion, which has seen it double its customer base in four months.
The company claims that despite 72% of small businesses accelerating their digitalisation during the Covid-19 pandemic, many CFO’s are wasting between 30% and 40% of their time on manual financial data analysis. DataRails is helping to resolve this problem.
Clients can use the cloud-based platform to automate the process of consolidating, analysing and reporting financial data, without changing the way users work. Financial planning and analysis teams can easily conduct advanced investigations into their data and extract useful insights.
DataRails co-founder and CEO Didi 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.”
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