DataBlend Raises Seed Funding to Continue Market Expansion
September 20, 2023 / by Kate Johnson
Funding will fuel growth of the only iPaaS provider focused on integrating the tech stack of finance and accounting teams at small to medium-sized organizations and high-growth enterprises.
STOWE, Vt., Sept. 20, 2023 /PRNewswire/ -- DataBlend, the leading finance-focused Integration Platform-as-a-Service (iPaaS) provider announced today that it raised seed funding led by FreshTracks Capital and The Dudley Fund.
"DataBlend is truly unique in that it brings the power of iPaaS to accounting and finance teams at small- to-medium organizations and high-growth enterprises. DataBlend's growing list of customers and partners demonstrates the effectiveness of its focused strategy and robust solution. FreshTracks' investment in DataBlend reflects our confidence in the team's ability and commitment to empowering finance professionals to automate dataflows across their tech stack, streamlining operations and allowing them to make better data-driven decisions," said Lee Bouyea, Managing Director at FreshTracks Capital.
Ethan Carlson, Founder of DataBlend, expressed his excitement as investors from Vermont joined the company's mission to provide secure and stress-free data integrations for finance and accounting professionals. As a native of Vermont, Carlson finds it exciting to see the local investment community supporting his company's vision. "As a former CFO, I founded DataBlend with the sole purpose of making it easy for other CFOs, controllers, and their teams to connect the applications they use every day, without having to rely on IT. To make this happen, we set out to build a solution that is cost-effective, secure, and easy to implement. With the support of FreshTracks and Dudley Fund, we will continue to enhance our product and expand its use at organizations across the US, Europe, and Australia."
DataBlend has experienced rapid growth in the last two years. Its customer base has expanded to more than 600 organizations and its partner network has expanded to more than 25 resellers, including RKL eSolutions, SWK Technologies, Wipfli, and Net at Work, as well as other software publishers including Fluence Technologies.
"The Dudley Fund is committed to helping entrepreneurs build impactful companies here in Vermont. We've partnered with Ethan and the team at DataBlend to support them as they accelerate operations and take root here in the state. DataBlend's capabilities around data integration and automation provide a superior market offering for accounting and finance leaders and I'm excited for the Dudley Fund to play a part in DataBlend's strategic growth," said John Antonucci, Managing Partner at Dudley Fund.
"DataBlend has reached a significant milestone by securing our seed funding. This round adds to the financial support provided by our founder, Ethan Carlson, and strategic partner, J2 Interactive. These two early investors believed that there was a huge opportunity to work directly with finance and accounting teams. They were right and their support allowed us to attract a talented team, build an enterprise-level product, and gain momentum with our target audience," said DataBlend's CEO, David Furth.
DataBlend is an Integration Platform-as-a-Service (iPaaS) solution designed exclusively for CFOs, controllers, and their teams. Featuring a no-code, low-code workflow builder, DataBlend allows accounting and finance professionals to create secure and worry-free data integrations. Companies use DataBlend to collect and join data from multiple sources, build workflows (e.g., field-to-field mapping, pivot tables, and additional data transformations through virtually unlimited custom scripting possibilities), and schedule events.
Find out how DataBlend can help your organization at www.datablend.com
About FreshTracks Capital:
Founded in 2001, FreshTracks Capital is a Vermont-focused investment fund that uses venture capital to create positive economic and community impacts. Across its six funds, which total more than $65 million, FreshTracks has invested in more than 50 Vermont-based companies. The firm's General Partners and Managing Directors are T.J. Whalen, Cairn Cross, and Lee Bouyea. FreshTracks is actively investing out of its early-stage fund, the FreshTracks Capital Green Mountain Fund, and its Growth Fund.
About The Dudley Fund:
The Dudley Fund is a Vermont based venture fund focusing on early and mid-stage companies with the potential to create economic impact in the state. With a network of more than 100 successful local business leaders the Dudley Fund provides critical first funding and business support to help founders accelerate their growth.