DueDil has now raised $22 million (£13.2 million) of venture capital in the last year following its latest round of financing.
Set up in April to provide free private company financial information for those based in the UK and Ireland, DueDil is backed by Oak Investment Partners, Notion Capital and Passion Capital.
The latest funding round has been raised so that DueDil can ramp up its user acquisition activity and increase personalisation for users.
According to DueDil founder and CEO Damian Kimmelman, the investment was closed inside two months following a period of ‘exponential’ growth for the London-based tech venture.
Speaking to GrowthBusiness, Kimmelman says that he’s experienced a huge update in enterprise usage for DueDil’s offering, which allows customers to gain current information on all companies and directors.
‘They are two broad use cases. The first is for origination of opportunities and marketing to businesses and the second is really understanding party risk,’ he explains.
Alongside investing in user acquisition, personalisation and network tools, DueDil is looking to recruit more data scientists and engineers.
DueDil says that, since its $5 million Series A in April 2013, the business has doubled in size. Its growth has centred on acquisition of blue-chip enterprise customers, many of which are constituents of the FTSE 100.
More on previous DueDil funding rounds:
Ifty Ahmed, general partner at Oak Investment Partners and new board member at DueDil, comments, ‘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 per cent of all businesses, to access rich insights and information. The DueDil executive team has a clear strategy for recording the business information sector around customers, and is executing in an impressive way.’
Kimmelman also points towards the contribution that DueDil’s angel investors have had in helping the company to grow. Since founding, DueDil has secured the likes of Wonga co-founder Jonty Hurwitz, serial investor Sherry Coutu and Spotify backer Shakil Khan as backers.
‘Angels don’t get enough credit for what they contribute to businesses, and certainly our angels have been phenomenal,’ he adds.
