DueDil secures $17M in Series B round
DueDil raised $17 million in its Series B funding round, TechCrunch reported.
Oak Investment Partners, a previous backer, led the round for the startup that provides the biggest source of information for companies in the UK and Ireland. Notion Capital and Passion Capital, existing investors, also participated in the round. The company previously raised a Series A round in April last year and the proceeds from latest round brings to $22 million the fundraising total raised by DueDil in the past ten months, the report said.
The latest funding round will be deployed towards enhancing the company's product and bringing the service to other countries.
DueDil Founder and Chief Executive Officer Damian Kimmelman told TechCrunch, "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."
Information from CrunchBase showed that DueDil allows anyone to search for and screen possible suppliers and customers, look for investment opportunities, create sales leads and check out how companies and competitors are performing, among others. Headquartered in London, DueDil was launched in April 2011. Together with 31 other firms which included Adobe, LinkedIn and Thomson Reuters, market research company Outsell Inc has also named DueDil as one of the companies that are "expected to have an important impact on the information industry in 2012." It was also cited by the UK government's Cabinet Office transparency team in a Deloitte report as a business that gives innovative services through open data, the report said.
TechCrunch reported that DueDil has transformed the business information space by making a service that was previously costly and difficult to obtain available to anyone. By using the DueDil API, users are able to get the most recent information on firms and directors in 22 different countries, the report said.