Round Led by Nexus Venture Partners Brings Total Funding to Over $20 Million
TORONTO–(BUSINESS WIRE)–Quandl, one of the world’s fastest-growing platforms for financial, economic and alternative data, today announced the completion of a $12 million Series B financing round led by Nexus Venture Partners. August Capital, who led Quandl’s Series A financing, also participated in the round.
In conjunction with the funding round, Naren Gupta, Founder of Nexus Venture Partners, has joined Quandl’s Board of Directors. Quandl’s funding now totals $20 million.
Quandl will use the funding to expand its coverage of “alternative” data – data that offers predictive insights for capital markets, but has not been previously used in the finance industry.
“Alternative data is about to explode. We believe that it will be the primary driver of active investment performance over the next decade,” said Quandl Founder and CEO Tammer Kamel. “This investment furthers our mission of productizing the alternative data that matters – whether it’s consumer behavior, business intelligence or industrial metrics. Our team of quantitative analysts, data scientists and data engineers is uniquely equipped to identify, analyze and extract alpha from raw data.”
Quandl has users at 7 of the 10 largest hedge funds, 14 of the 15 largest banks and 8 of the 10 largest consulting firms in the United States.
“Quandl has done an outstanding job building a comprehensive data platform over the last four years and has cemented its reputation for understanding and delivering what modern investment professionals need in formats they can use,” said Naren Gupta. “In this era of data ubiquity, Quandl’s focus on alternative data positions the company well for continued momentum and rapid growth.”
Quandl is the premier source of open, commercial and alternative data for investment professionals. Founded in 2012 by Tammer Kamel and Abraham Thomas, Quandl offers unique, alpha-generating alternative datasets alongside core financial and economic data. Its platform is used by over 100,000 people, including analysts from the world’s top hedge funds, asset managers and investment banks. Headquartered in Toronto, Quandl is backed by Nexus Venture Partners and August Capital. Learn more at www.quandl.com, visit us at the Quandl blog and follow us on Twitter @quandl.