DueDil, a startup with a platform that allows you to see the financials of others businesses alongside several other insights, is expecting to take $10 million (£7 million) this year.
The London fintech firm, which has raised almost $30 million (£22 million) from technology investors, announced its Q2 results on Thursday, saying sales were up 118% year-on-year.
DueDil CEO Damian Kimmelman was unable to break down DueDil’s financials during an interview at the company’s office on Wednesday but he did say: “We’re well on our way this year to get to a run rate of $10 million.” Kimmelman added that the company is not yet profitable, saying that Brexit and the current funding environment means it’s important to focus on business fundamentals and become profitable as quickly as possible. “The game has changed,” he said.
Founded in 2011, DueDil claims its software is used by 175,000 businesses, including the likes of KPMG, Aviva, Deliveroo, and WeWork, with PayPal and private jet operator Netjets signing up in the most recent quarter.
Businesses pay upwards of £15,000 a year to use DueDil’s platform to find and track companies, including potential customers. It allows them to download a list of all the tech companies in Birmingham, for example, and find people within those companies that they could contact about a potential sale.
Kimmelman said there has been increased interest for DueDil’s platform from US companies in the aftermath of Brexit. “In times of uncertainly, businesses rely on DueDil to know who they’re dealing with,” said Kimmelman.
He believes US firms are looking for tools that can help them to understand the impact of Brexit on businesses that they have relationships with, or businesses they’re looking to form relationships with.
DueDil is carefully considering its own business expansion plans post-Brexit. The company has got its eye on Dublin as a potential destination for setting up a sales operation, and Berlin as a possible engineering hub. “London is more suited for what we do but there are great companies being built in Berlin,” added Kimmelman.
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