Company financials platform Duedil raises $17m funding
Series B backing will see fast-growing service expand into new countries
Company financials database Duedil today announced it has raised $17m in a Series B funding round, led by tech investor Oak Investment Partners.
Founded by Damian Kimmelman in 2010, the two-time Startups 100-listed company was launched as the world’s first free-to-access database of company financials, allowing users to view details of private companies across 22 countries including assets, directors and turnover.
Since launch Duedil has seen widespread adoption across businesses of all sizes, including more than 75 of the FTSE 100 companies.
The company has grown particularly rapidly in the last year – doubling in size following a $5m Notion Capital-led funding round in April 2013, it has also been the recipient of numerous industry awards including Forbes’ list of Britain’s ‘six best financial technology businesses’ and named as one of the 2013 & 2014 FinTech 50, a yearly index of the fastest-growing tech businesses in the UK.
The latest Oak Capital-led funding builds on last year’s Series A round, and brings the total invested in the company to $22m over the past 10 months.
Duedil’s backing, which was also supported by existing investors Notion Capital and Passion Capital, will be used to market and further develop its technology, with its third-generation platform due to launch this month, as well as expand its service into new countries.
Oak Investment Partners will take a seat on the Duedil board as part of the deal, alongside existing board members.
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Damian Kimmelman, founder and CEO of Duedil, said: “Business has an information problem. While you can find a stranger’s entire employment history online, it’s difficult to find detailed information on their company. This poor information flow leads to bad decisions, increases risk and creates missed opportunities.
“Our vision is a world of real-time decision intelligence, one where data is integrated seamlessly into business decision-making. To realise this, DueDil’s next phase is about embedding world-class discovery tools, platforms and networks into daily working life. Some of the smartest people and companies in the world are plugging into DueDil to exploit our unique business data and insights.”
Ifty Ahmed, general partner at Oak Investment Partners, said: “We’re excited by the scale of the market that DueDil is creating. Business information is a multi-billion dollar industry that’s changed little in decades.
“In particular, DueDil is enabling small and medium-sized companies, which represent 99% of all businesses, to access rich insights and information. The DueDil executive team has a clear strategy for reordering the business information sector around customers, and is executing in an impressive way.”