In recent news, an Israel-based financial planning and analysis (FP&A) platform designed for Excel users has managed to raise no less than $50 million in its most recent Series B funding round. Qumra Capital has been credited with leading this investment round, which was the third one held by the company in the last 12 months. This was triggered by a 5x growth reported by the company in its revenue in the last year alone. DataRails further revealed that it will be using this funding to make further investments into R&D, along with allocating substantial funds in marketing and sales. It stated that it will be focusing on expanding its current operation and providing added support to its customer base throughout the globe. The FP&A platform works on the automation of data consolidation, as well as planning and reporting.
It also enables finance teams to carry on using their personal Excel spreadsheets along with their own financial models. Moreover, the platform of the company employs cloud technology, specifically to Excel. This is done through a centralized database, which grants the company real-time consolidation of any disparate operational and financial data found within the company. Through this, DataRails is able to streamline the process of gathering data, as well as consolidating it, thereby saving itself hours of work. The CEO and co-founder of DataRails, Didi Gurfinkel, talked about how over 80% of the small, as well as medium-sized businesses in the country and worldwide, use Excel for the purpose of financial analysis and planning. He also reported that they experience the pain that comes with broken processes, scattered data, and manual work.
In his words, there is a dire need for real-time collaboration, extraction, and consolidation of financial insights. He reported that in the US market alone, no less than $7.8 billion is allocated for this purpose. Talking about the previous year, the CEO added that the company has experienced phenomenal growth, which has paved the way for the superior product-market fit of the FP&A platform. Though the funding round was led primarily by Qumra Capital, it also included the efforts made by several new investors, such as ClalTech and La Maison Partners. Existing investors were also quite active in this funding round, such as Vertex Ventures Israel, Zeev Ventures, Innovation Endeavors, Oryzn Capital, Icon Venture, and Vintage Investment Partners.
The managing partner of Qumra Capital, Sivan Shamri Dahan, talked about how DataRails is leading the change in the operations of financial teams and empowering them in all kinds of organizations with a deeper understanding of business intelligence capabilities. According to her, this is the first time that any platform has provided the ability to upload all financial data to the cloud and provide continuous agility, as well as content sharing. She went on to praise DataRails for being one such SaaS (Software as a Service) that has grown rapidly. In her words, Qumra Capital is looking forward to working with and partnering up with the FP&A platform as it continues expanding in the market.