NEW YORK, NY, DataRails, the financial planning and analysis (FP&A) platform for Excel users, has raised $50 million 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.
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.
DataRails is a financial planning and analysis platform that automates data consolidation, reporting and planning, while enabling finance teams to continue using their own Excel spreadsheets and financial models. Automating these time-consuming manual processes paves the way for finance teams to spend more time analyzing data and less time gathering it. It also empowers them to answer essential strategic questions like what their organization can do to increase revenue and reduce expenses.
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