News sources across the business industry have touted a small UK start-up as ‘one to watch’ after reporting that it managed to raise over $17m to fund its endeavours. Why is a small UK start-up gaining the attention of industry heavyweights?
Labelled the ‘Bloomberg of unquoted companies’ by industry industries, small UK start-up DueDil is turning heads quickly and it doing so as a venture dedicated to providing data on every private business in the UK; no mean feat.
The start-up only came into being three years ago; nevertheless with a London based team of 40 developers on staff DueDil has gathered data to construct the single largest collection of businesses in the nation; attracting millions of uses to its service as it goes. As they say, knowledge is power.
The remit of the company means that there are interested parties across the board for its services, According to insiders at DueDil, everyone from corporate financiers to lawyers to business owners have shown interest and have used DueDil’s search functionally in order to keep track of competitors, suppliers etc.
Such interest has led to its latest investment round, provided by US based Oak Investment Partners, comes in at a staggering $17 million USD. Insiders at the company suggest that this impressive round of funding will be used to facilitate the company objective of transforming its current database into an automatic alerts system for users. Something along the Google Alerts model but more intricate and business orientated.
Including the $17 million the company has now seen a total investment from venture capitalists business magnates such as Jonty Hurwitz, co-founder of payday lender Wonga, of $23 million USD. This funding will be used in a variety of ways to streamline the service, including, according to DueDil founder Damian Kimmelman, enabling business customers to keep tabs on a whole address book of contacts.
Kimmelman explained that at the company “we care more about engagement and how people are using our technology.” He went on to elaborate by saying that they wanted to make the company’s core service “as accessible as possible” and “bring out the value” of the service to customers.
It’s easy to see why a company such as DueDil is the UK start-up to watch. Knowledge is power and that saying has never been truer than in the business world. The ability to actively keep track of not only business partners but of competitors provides an edge that can help business owners in their quest for success. Simon Morris readers I expect you’ll be hearing more about DueDil in 2014.
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