DueDil, the London-based business discovery platform, today announced having completed its Series B financing round, led by Oak Investment Partners and supported by Notion Capital and Passion Capital. This latest funding round follows the startup’s Series A financing in April 2013, and brings DueDil’s total investment over the past 10 months to $22 million.
DueDil, which was launched in 2011, will use the new capital to increase its 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.”. He continued: “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, stated: “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.”
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