Tel Aviv-based DataRails raises $18.5 million in Series A round

Tel Aviv’s developer of financial planning and analysis tools, DataRails has raised $18.5 million in a Series A round.

Led by Zeev Ventures Fund, existing investors Vertex Ventures Israel and Innovation Endeavors also participated alongside undisclosed private investors. To date, the company has raised $28.5 million. As part of the transaction, Oren Zeev will join the company’s board of directors.

“There are over 300,000 small and medium businesses using Excel to manage their FP&A tasks and DataRails is building a bridge to allow these companies to adopt a cloud-based solution while using the familiar Excel and their existing models,” comments Zeev. “I believe they are only scratching the surface of what can be done on their platform.”

Founded in 2015 by Didi Gurfinkel, Eyal Cohen, and Oded Har-Tal, DataRails brings big business FP&A tools to SME CFOs. The company notes that their solution can be set up and ready to use in a matter of weeks and at a fraction of the cost, as opposed to the months-long setups competing solutions offer.

“Unlike sales and marketing departments, the processes in finance departments have been pretty much stagnant in the past 30 years and are still being conducted manually with Excel,” comments Gurfinkel. “That’s why we developed a technology that runs the Excel-based organizational processes in a transparent manner and completely automates the monthly and quarterly financial processes.”