Germany-based Jedox, a company that simplifies planning, analysis, and reporting with an integrated, cloud-based software solution, has raised more than $100M (approx €82.2M) in a fresh round of funding. The transaction is expected to close in the first half of 2021.
The round was led by global venture capital and private equity firm Insight Partners. Existing investors including Iris Capital, eCapital, and Wecken & Cie also participated in this round. Insight Partners’ Rachel Geller and Henry Frankievich will both be joining the board of directors.
Use of the funds
Jedox’s press release highlights that the funds will specifically be used to scale the product innovation team, increase investment in customer success, and continue supporting clients across all major geographies.
Florian Winterstein, CEO of Jedox said, “In an ever faster moving world, disruption and uncertainty represent both challenges and opportunities in the enterprise. Jedox’s cloud-based tools enable our customers to move even faster and outperform the competition. Insight Partners’ investment will further enhance our unique EPM platform and momentum in the marketplace, as well as allow us to benefit from the expertise of a leading global investment partner.”
Everything about Jedox
The company was founded in Freiburg im Breisgau, Germany, in 2002 by Kristian Raue. Jedox simplifies planning, analysis, and reporting with its unified and cloud-based software suite.
Jedox’s enterprise-grade Financial Planning and Analysis (FP&A) tools are purpose-built to accelerate time-to-value for its users. From transitioning existing financial processes to the cloud to leveraging AI and advanced analytics for more accurate, agile planning, Jedox claims to help companies streamline planning processes across all stages of growth.
Currently, its services are being used by over 2,500 organisations in 140 countries for real-time planning on the web, the cloud, and on any device. Some of its customers include Amazon, McDonald’s Schweiz, and ABB.
How is it different from its competitors?
In the current scenario, about 80% of businesses still use Microsoft Excel for planning, according to Jedox. And, there are countless startups that are looking to replace Microsoft’s omnipresent spreadsheet software but have been unsuccessful in doing so. However, Jedox thought of doing otherwise.
Jedox is offering access to its platform via an Excel add-in with an aim to help eliminate spreadsheet chaos without losing the advantages of Excel.
The company’s EPM platform optimises value creation and helps organisations to move faster than their competitors. It enables finance professionals to effectively collaborate across all departments and simplify corporate planning through a Microsoft Excel-based interface while leveraging artificial intelligence and advanced analytics.
This year (2021), Jedox claims to bring industry-specific solutions to the market that leverage Jedox’s dynamic partner ecosystem and strategic partnerships to expand scope beyond the CFO and provide cross-functional Extended Planning and Analytics (xP&A) – to create a platform touching all domains.
In 2018, Jedox raised €20M in funding from eCapital, Iris Capital, and Wecken & Cie. In 2016, it raised an undisclosed amount from eCapital and Wecken & Cie.
Prior to that in 2009, the company raised €5.5M in its Series B round from existing investors.
In 2008, eCapital invested twice in Jedox, $3M (approx €2.4M) and another €3.5M.