Duedil, the business behind the mapping of London’s Tech City, has attracted investors including Notion Capital and Oak Investment Partners to contribute to its Series A funding.
The company will now be using the freshly raised $5 million (£3.3 million) of development capital to fund its next stage of advice which is set to take it out into the international online business information market.
Also contributing to the round is existing backer Shakil Khan, who has previously backed Spotify, and existing supporter Passion Capital – the early stage backers whose open office hours GrowthBusiness has featured previously.
Duedil was first set up in April 2011 by Damian Kimmelman as an alternative to the conventional Companies House route for securing financial information about private businesses.
Prior to founding Duedil, Kimmelman established a peer-to-peer Chinese gaming platform and a London-based digital agency.
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As part of its work, the business also compiled a map of Tech City companies. At last count, Duedil identified 250 high growth, technology-oriented companies in Central London, the majority of which are clustered around the Old Street roundabout area.
The business has previously closed three separate smaller funding rounds: a seed investment from Passion Capital in June 2011; an angel commitment from Wonga co-founder Jonty Hurwitz in November of the same year; and further angel interest in August 2012 – when serial investor Sherry Coutu, OpenIDEO founder Tom Hulme and Federico Pirzio-Biroli all became involved.
Kimmelman, CEO at Duedil, comments, ‘This new investment will enable us to extend the reach of our service into new regions and accelerate our hiring, especially in engineering and data science.
‘We will also be expanding our product’s scope and insight by opening up and linking new and powerful data sets.’
Chris Tottman, partner at Notion Capital, says the firm is ‘very excited’ to be investing in Duedil. He adds, ‘The internet is a true transparency enabler and Duedil is a great example of this.
‘The service answers a huge demand in the market for up to date and immediate business information and empowers its users to make more informed decisions.