Financial, economic and alternative data platform Quandl has completed a USD12 million Series B financing round led by Nexus Venture Partners.
August Capital, which 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 USD20 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,” says Quandl founder and CEO Tammer Kamel. “This investment furthers our mission of productising the alternative data that matters – whether it’s consumer behaviour, business intelligence or industrial metrics. Our team of quantitative analysts, data scientists and data engineers is uniquely equipped to identify, analyse and extract alpha from raw data.”
Quandl has users at seven of the 10 largest hedge funds, 14 of the 15 largest banks and eight of the 10 largest consulting firms in the US.
"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,” says Gupta. “In this era of data ubiquity, Quandl’s focus on alternative data positions the company well for continued momentum and rapid growth."
