TechCrunch
Spare a thought for accountants. Slovak startup Datamolino has, by building a platform for SMEs to cut through the tedium of manual data entry of invoices and receipts, and it’s proving to be a lucrative idea — as the b2b startup has just bagged €500,000 ($680K) in seed funding, and is already in discussions for raising a full Series A.
This follows the €40,000 Datamolino received to develop its product during an eight-month incubation period at Wayra’s Central & Eastern Europe Academy, based in Prague.
Datamolino is the first graduate from Wayra Prague to get follow-on funding after participating in the program, which kicked off its first cohort last year.
Globally, the Telefonica-backed network of incubators has a fairly decent rate — of circa 40% — for graduating startups securing their next tranche of cash.
Out of a global total of 174 Wayra graduates, 70 startups have gone on to receive follow on funding, the accelerator confirmed to TechCrunch.
Datamolino’s follow-on funding is being financed by the Slovak Innovations and Technologies Fund (FIT). Founder Andrej Glezl said it will use the money for European expansion, and to see it through from its current closed beta phase to a public beta and then full commercial launch (after May) — with the financing going on things like implementing customer feedback into the product and kicking off online marketing.
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