DueDil said Monday that it has closed $17 million in Series B financing. Oak Investment Partners led the round with participation from Notion Capital and Passion Capital. In conjunction with the funding, Oak Investment Partners will be represented on the DueDil board. Headquartered in London, DueDil is a business discovery platform.
London – 3 March 2014: DueDil, the business discovery platform, today announced it has completed its Series B financing round, led by Oak Investment Partners, which has increased its commitment to the London-based company.
The funding round 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, alongside existing board members.
This latest funding follows the company’s Series A financing in April 2013, and brings total investment in DueDil to $22m over the past 10 months.
The new capital will be used to increase DueDil’s user acquisition activity; deepen user engagement through new personalisation, discovery and network tools; and bring DueDil’s web coverage to new geographies. Customers can currently access information on companies and directors in 22 different countries via the DueDil API.
Already the largest source of private company information in the UK and Ireland, DueDil has democratised and transformed the business information sector by enabling any individual or business to access up-to-date information on all companies and directors.
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. 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.”
The Series B funding is the latest in a series of significant achievements at DueDil. In the past 12 months, the company has:
• Doubled in size since the Series A round and is expected to double again in the next 12 months.
• Seen consistent growth in its blue-chip Enterprise customer base, including among most of the FTSE 100.
• Launched the v2 DueDil and International API in May 2013, with the v3 API due for release later this month (March 2014).
• Been named among Wired magazine’s ten hottest London startups; featured in Forbes’ “Britain’s Six Best Financial Technology Businesses” and in the 2013 & 2014 FinTech 50; listed as a Rising Star in the Salesforce Innovation Challenge 2014.
Launched in April 2011, DueDil has quickly become the largest source of free private company information in the UK and Ireland. Founded by entrepreneur Damian Kimmelman, the company’s vision is to increase trust and transparency in business by harnessing the power of company information. DueDil is headquartered in London, UK, and is backed by Oak Investment Partners, Notion Capital, Passion Capital, as well as angel investors Federico Pirzio-Biroli, Jonty Hurwitz (Wonga), Sherry Coutu (LinkedIn), Tom Hulme (IDEO), Denis Raeburn (Global Asset Management), Mark Sainsbury and Shakil Khan (Spotify). Visit: www.duedil.com
About Oak Investment Partners:
Oak Investment Partners is a multi-stage venture capital firm and a lead investor in the next generation of enduring growth companies. Since 1978, the firm has invested $9 billion in nearly 500 companies around the world, earning the trust of entrepreneurs with a senior team that delivers steady guidance, deep domain expertise and a consistent investment philosophy. The firm’s five major growth sectors of focus are information technology, Internet and consumer, payment services, healthcare services and clean energy. For more information, visit www.oakvc.com.
About Notion Capital
Notion is a venture capital firm focused on high potential businesses in the Cloud Computing and Software-as-a-Service (SaaS) markets. The Notion team has unique expertise and experience in the Cloud Computing market having founded, built and exited two highly successful businesses in the space – Star and MessageLabs. Companies within Notion’s portfolio include Brightpearl, eSellerPro, Shutl, The Currency Cloud and Tradeshift. For more information go to: www.notioncapital.com
About Passion Capital
Passion Capital is a partnership of entrepreneurs and operators who are applying their experiences to helping founders and early-stage teams build great digital media/technology companies. The partners have been personally involved in the largest European technology exits of the past decade, including the biggest exits of the year for 4 of the past 10 years by market value (Ricardo.de acquired by QXL, Skype purchased by Ebay, Last.fm acquired by CBS, and QXL/Tradus acquired by Naspers) — and want to be involved in many more. For more information, visit passioncapital.com