The latest round of funding of $17million, is led by US-based Oak Investment Partners, and will enable the company to turn its database into an automatic alerts system for users. The company has now received $23m in backing from venture capitalist.
Duedil founder Damian Kimmelman stated he wanted to enable business customers to keep tabs on an entire address book of contacts – and he plans to keep offering much of the service free of charge. Six months ago, Duedil started charging for some premium services, such as document printouts, but the vast majority of users still access its data at no cost. Total users are expected to approach the one million mark soon and 50,000 users currently pay any charges, generating six-figure revenues each month. Kimmelman is not worried about the low revenue range, his current focus is on building market share.
Every company in the FTSE 100 now has at least one employee with a Duedil account, but the service has also proved popular among accountants running due diligence checks on behalf of clients and journalists investigating private companies.
Source: Financial Times