London VC firm leads $11m funding round for ‘game-changer’ data startup
London-based venture capital firm Dawn Capital has led a $11m Series A funding round for US and European data startup Onna.
The round also had participation from online platform Dropbox, the Slack Fund, and existing early investor Nauta Capital.
Based in New York and Barcelona, Onna specialises in the centralisation of proprietary information, making data accessible for legal discovery, compliance, knowledge management and enterprise search.
Following an initial seed round of $5m, the $11m investment will allow Onna to develop its proposition and expand its platform to meet the needs of its growing customer base, which already includes clients such as Facebook, Dropbox and Fitbit.
Norman Fiore, Dawn Capital’s general partner and backer of European SaaS businesses such as Mimecast (MIME), Collibra and Showpad will join Onna’s board.
Norman commented: “Helping employees find, organize and protect crucial business information when it sits across all these apps is a big challenge. Onna’s solution has already seen great traction in eDiscovery with a legal use case, with annual recurring revenue having more than tripled over the past year.
“But Salim and the team at Onna rightly recognize the opportunity is much bigger. By building an internal search engine for enterprise and giving all employees fast access to their own information, Onna can be an industry game-changer.”
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