Duedil had previously supplied all its data services for free, but won over investors by committing to a freemium business model. This meant it continues to offer free services but charges for premium in-depth reporting.
"We didn't want to approach the funding while achieving small to no returns," founder Damian Kimmelman explained how essential the decision was to gaining the huge funding. "We wanted to be a real business."
Spread the net
Kimmelman highlighted the importance of inviting as many investors as possible to the funding round. "We interviewed with a lot of VCs and this allowed us to find three who really stood out due to their expertise and knowledge. As a result of this, we managed to bring Notion Capital and Oak Investment Partners in on a joint equity syndicate, which was really exciting."
"We wanted to grow aggressively, and to do that we need people who have sector experience and know B2B products," Kimmelman said on the benefits of such a wide search. "We got a number of offers, but really wanted to focus on finding investors who we thought were a correct fit."
Looking back, Kimmelman admitted "it was a long process, we had so many offers and it was an arduous process to figure out where we were going. It's certainly not simple and was definitely when the real hard work began but it's exciting and we're being allowed to follow our dreams."
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