Toronto-based Quandl, a web-based platform for financial and economic databases, has closed $5.4 million in Series A funding. The investor was August Capital. Concurrent with the funding, Dave Marquardt and Tripp Jones of August Capital have been added to Quandl’s board of directors.
November 13, 2014 (Toronto) – Quandl, a web-based platform for financial and economic databases, today announced it has secured $5.4M in Series A financing from August Capital. The funds will be used to fuel the company’s expansion into commercial data, part of its long-term mission to consolidate all numerical data on the internet and “democratize” the data industry.
Quandl currently hosts over 10 million financial and economic datasets on a single easy-to-use website. Databases on Quandl cover financial market data, economic and demographic data, energy and shipping data, and much more. Data is available via API, via libraries for Excel, R, Python, Matlab and other tools, and via instant download in any format.
“Quandl is transformational. We think this platform will become fundamental internet infrastructure,” says Tripp Jones, partner at August Capital. “Quandl’s founders understand what data professionals need, and they have built precisely that. As a result, Quandl is already the most successful data platform of its kind ever.”
Since launching in January 2013, Quandl has grown rapidly. Each month, the site serves over 5 million datasets (100 billion data points) to over 50,000 users. The addition this month of five premium databases published by Zacks Research marks Quandl’s entry into the commercial data arena and its transition from platform to marketplace.
“We are on a mission to democratize the commercial data industry,” says Tammer Kamel, CEO of Quandl. “We’re doing this by creating a better experience and better economics for both consumers and vendors.”
Quandl users span the financial spectrum, from large hedge funds managing billions of dollars, to individual traders and retail investors, to academics, business analysts and consultants. “Personally, I would like to see Quandl become the de facto standard for data on the internet,” says Geoff Wright, who leads a team of macroeconomic strategists at a $100+bn global asset management company.
“Our goal is to make it ever easier to find and use data,” says Quandl’s co-founder and chief data officer Abraham Thomas. “The current generation of data analysts is no longer satisfied with one-size-fits-all technology and draconian restrictions on use; they want the freedom to work on the data they need with the tools they choose. We make that happen.”
Quandl is August Capital’s first ever investment in Canada. As part of the financing, Dave Marquardt and Tripp Jones of August Capital will be joining Quandl’s board of directors.
Quandl is the leading platform for financial and economic data on the internet. Founded by hedge fund veterans Tammer Kamel and Abraham Thomas in Toronto in 2012, Quandl covers over 10 million financial and economic datasets from over 500 publishers, including capital markets, energy, shipping, healthcare, education, demography, macro-economic and society data. Every single dataset on Quandl is available via API, via libraries for Excel, R, Python, Matlab and other tools, and via instant download in any format. Quandl makes numerical data easy to find and easy to use. To learn more, visit www.quandl.com.
About August Capital
August Capital was founded in 1995 by Dave Marquardt and John Johnston. Seasoned veterans of the venture capital industry, Marquardt and Johnston formed August Capital to invest in companies differentiated by technical innovation and entrepreneurial excellence. Today, August Capital manages $1.3 billion and has invested in more than 75 companies across the technology spectrum. The companies that August Capital’s partners have backed, including Microsoft, Sun, Symantec, Seagate, Splunk and Zulily, represent an aggregate market capitalization of well over $250 billion, generate in excess of $75 billion in annual revenue and employ a quarter of a million people around the world.