Dealroom raises €6 million Series A round led by Beringea
We’re excited to announce a major milestone. Dealroom has raised a €6M Series A round led by Beringea, supported by existing investors Knight Venture Capital and Shoe Investments. The fresh capital allows us to accelerate product development and double down on our global expansion. We will stay true to our mission to accelerate tech entrepreneurship by providing data transparency, and be the intelligence layer at the heart of tech ecosystems globally.
What you need to know
- We raised €6 million in new funding in a Series A round led by Beringea, along with existing investors Knight Venture Capital and Shoe Investments
- Fresh capital to accelerate global roll-out, invest in data, and double down on mission to create the single source of truth for tech ecosystems in the entrepreneurial age
- The use of data and AI in venture capital has exploded, as great startups are being created everywhere, and the hunt for the world’s most promising startups heats up
- Since our seed round two years ago, the number of public bodies connected to Dealroom’s API has quadrupled, now standing at 50, across five continents
- The Dealroom team has tripled to about 75 people across 30+ nationalities. We’re hiring for two dozen exciting roles across data, AI, product, sales & marketing, and research.
"Our interest in Dealroom was first sparked by our love for the product. As the European tech ecosystem increases in size and complexity, investors, innovators and policy makers need smart data and insights, which is what we found on Dealroom."
Navigating the greatest–ever tech boom
This Series A round follows a €2.8M seed round just two years ago, closed just before Covid broke out. Soon after, everything looked uncertain. Would venture capital slow down? Would toilet paper run out? Then it became clear that the opposite was happening (for venture at least).
Instead, we’re living in the greatest-ever tech boom. Not only are investment records being smashed, and unicorns are being built everywhere; but fundamental shifts have been forced in how startups ecosystems work. Remote investing is fully normalized (indeed, Beringea backed Dealroom entirely remotely). VC is about more than VCs – crossover funds, family offices, CVCs, sovereign wealth funds, hedge funds, and institutional investors are all getting involved in tech investing across the startup life cycle. Supply of quality early-stage startups is high, and so is the fear of missing out.
“Having connected with Yoram, we were able to get to know the business remotely during the pandemic and lead this fundraising round. We’re looking forward to working alongside this exceptional team to reach their goals.”
Big data meets venture capital
The use of data has changed from nice-to-have to must-have. Whether you are a big hungry programmatic growth investor, like Tiger Global, an artisanal workshop like Benchmark, or a large enterprise, data has become indispensable to not missing opportunities. All investors are collectively looking to invest earlier and earlier; the lines between early stage, late growth and even public investing are blurring.
Today, the majority of top-tier investors actively investing in EMEA use Dealroom’s API, software and research, to identify the most promising startups from the moment they are conceived. These partners help us shape the platform and inspire us to push the product into the newest frontiers of continuously changing startup landscapes. But we are not just a data provider to venture capital investors. In fact, that’s not even our greatest revenue source.
Powering startup ecosystems
Governments are increasingly recognizing the power of startups as a job growth engine – potentially the most important. In Silicon Valley 68% of all workers are employed by venture-backed companies, a Dealroom analysis shows. For the entire US that figure is 24%, while the rest of the world lies in the low single (or decimal) digits.
That’s a pretty big incentive for societies and governments alike to understand and support their startup economies. Like us, they understand the importance of data accuracy and transparency in informing decision making. And like us, they want to unleash their entrepreneurial potential.
Today over 50 governments across five continents use Dealroom’s tools to measure and grow their ecosystems via custom dashboards, and the market’s most extensive API. Each local government partnership also contributes to making the global Dealroom platform a product that, like tech ecosystems themselves, is greater than the sum of its parts. By harnessing community powered data, we’re creating an entrepreneurial data flywheel, enabling global benchmarks and visibility through grass roots collaboration.
The intelligence layer for the Entrepreneurial Age
Entrepreneurial value creation is at an all-time high (see chart). With 80% of the world’s adult population online, the ubiquity of scalable cloud infrastructure, and increasing capital mobility, software can truly be built and scaled from anywhere. Startups also scale faster than ever before.
Dealroom is the intelligence layer for this Entrepreneurial Age. Data has the power to unlock new opportunities through improved decision making on capital allocation, financial outcomes, social impact, access to opportunity, regulation and more. As Sarah Guemorri from Atomico put it, “data is the ally of the underdog”.
Creating a blueprint for entrepreneurship and innovation
We’re only at the very beginning of our journey towards creating a blueprint of the digital & innovation economy. We’re currently integrating with more company registers globally, while also adding new layers of data including patents, university spinouts, people data and increasing the use of artificial intelligence to turn data into insights.
We look forward to remaining closely connected with communities of innovators, builders, risk-takers, and doubling down on our mission to create the single source of truth for tech ecosystems in the entrepreneurial age.
It’s clear that the role of data in startup ecosystems is only just getting started. Artificial intelligence will increasingly play a role in detecting the next Google or Biontech – from all corners of the world. Data will increasingly inform policy-makers about how to unlock the entrepreneurial potential of their economy. Working at Dealroom means being at the centre of startup communities, working with the world’s most prominent venture capital firms and innovative companies. It also means working at the forefront of technology, and seeing the real-world impact of our work on entrepreneurial ecosystems.