Member Article

DueDil raises $17million to enter new markets

Business discovery platform DueDil has raised $17million in its Series B financing round, led by Oak Investment Partners.

The online tool, which allows users to access and track Companies House information was also supported by existing investors Notion Capital and Passion Capital.

With its new investment, Oak Investment Partners will take a seat on the DueDil board.

This latest funding follows the company’s Series A financing in April 2013, and brings total investment in DueDil to $22million over the past 10 months.

The funding will be used to attract more users to the platform, add new tools and personalisation features and deliver web coverage in new countries.

DueDil founder and CEO Damian Kimmelman 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. Someof 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, added: “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.”

This was posted in Bdaily's Members' News section by Tom Keighley .