DataRails raised US$25 million in a series A extension, doubling its valuation, with participation from existing investors including Temasek-linked Vertex Ventures Israel as well as Zeev Ventures and Innovation Endeavors, the Israel-based financial planning and analysis (FP&A) software company said Monday.
Vintage Investment Partners also joined the round, DataRails said in a press release.
“We’re thrilled to reinvest in DataRails and continue working with the team to help them navigate their recent explosive and rapid growth,” Yanai Oron, general partner at Vertex Ventures, said in the press release. “With innovative yet accessible technology and a tremendous untapped market opportunity, DataRails is primed to scale and become the leading FP&A solution for SMEs everywhere.”
The company had raised US$18.5 million in April, bringing the series A round’s total to US$43.5 million, DataRails said.
The funding is aimed at managing expansion of the customer base.
DataRails has raised a total of US$53.5 million, including a US$1 milion seed round in 2015, a US$6 million round in 2017 and a US$3 million round in 2018, according to data from Crunchbase.
DataRails’ products automates collecting and analysing companies’ financial data without changing how it’s entered, such as integrating with Excel and other systems, such as Salesforce or SAP.
Didi Gurfinkel, co-founder and CEO at DataRails, said in the statement: “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 U.K., as well bring in new recruits across to manage the rising demand.”
FP&A refers to planning and budgeting, management and performance reporting and forecasting and modeling.
Vertex Holdings is the venture capital arm of Singapore state-owned investment company Temasek. Vertex Ventures has raised US$1.9 billion across 14 funds, according to Crunchbase data.