LONDON — Financial information startup DueDil lost £6.6 million last year on revenues of £2.2 million, new accounts show.
The startup has raised £900,000 through convertible loans so far this year and plans to raise a further £1.1 million using these loans for “working capital” until it raises more equity funding, accounts filed with Companies House this week show.
DueDil has raised $30 million to date from investors including Oak Investment Partners, Notion Capital, and Passion Capital.
The startup was in negative shareholder equity at the end of last year, with reserves down from £1 million at the end of 2015 to a negative balance of £1.8 million.
CEO and cofounder Damian Kimmelman said that while the “optics” of the accounts look bad — loss-making and negative shareholder equity — the business is not in trouble.
Kimmelman told Business Insider in an email: “Companies House only gives you a window into a single moment of time for the company (One of the many reasons why we are working with bank transactional data from open banking.)” The accounts in question cover the period up to December 31, 2016.
DueDil is a lead generation platform that lets you see the financials of private businesses alongside other insights such …read more
Source:: Businessinsider – Finance