DataSnipper Reaches $1B Valuation with $100M Funding


DataSnipper's Bootstrapped Journey: From €1M to €10M ARR in One Year

July 19, 2022

DataSnipper, an Amsterdam-based tech company focused on transforming the financial audit industry, is proud to announce that it has grown from one to ten million in Annual Recurring Revenue (ARR) within one single year. DataSnipper achieved this milestone 'bootstrapped'. The growth of DataSnipper is 100% driven by the value it delivers to its customers.


Important Milestone

The idea of DataSnipper originated in 2017, after drinking a beer with friends in a bar. "Since then, much has changed and we're grateful for everything we've achieved. It's important to take a moment to celebrate and share this organic growth milestone", says Maarten Alblas, founder at DataSnipper. He explains: "Via this way, we would like to thank our customers for all the feedback they've shared with us, partners, and passionate employees for the amazing journey we had in the last year. This growth enables us to deliver even more on our promise to make every auditor in the world more successful and impactful".


A Mission Worth Fighting For

Auditors have a strong desire for innovative technology and automation. The human effort, related pain, and potential value to solving the repetitive audit tasks is simply very high. Therefore, audit firms are constantly looking for automated and standardized audit workflows, while maintaining a flexible way of working to meet the individual needs of clients. Their dream? It's related to 'continuous auditing'. A way of working with advanced automation with a real-time integration between the client and the audit firm. Automation takes over 90% of the work, while auditors stay in control. "Bye-bye audit busy season", is what many auditors dream about.


Changing the World of Auditing

This dream scenario is still far from reality though. This is why auditors keep their eyes open for external tools in the market and DataSnipper is the one they find. DataSnipper's audit automation platform packed in Microsoft Excel helps more than 300.000 auditors, across 80+ countries. DataSnipper literally changes lives: from the US to Japan, and from Nigeria to Australia. "It's amazing to engage with our fast-growing list of global customers. Technology drives change, but the success of change ultimately depends on how people embrace it. It's a people-driven journey", Renske de Lange, Head of Customer Success at DataSnipper, explains. She adds: "From providing learning programmes and giving guidance on product adoption, to implementing the use cases that drive most value for our clients; we're grateful for each and every one for being part of this transformation journey. Nothing can beat our team's excitement when making sure that auditors are achieving results with the highest efficiency and quality."


Automation in Microsoft Excel

Auditors love Excel. Senior auditors grew up with Excel. Young auditors simply need to work with Excel, but are looking for new ways to work smarter with the tools they get presented. To have a tool that runs in Excel and is praised by staff, managers and partners alike is a big win. DataSnipper offers seamless integration between automation and an actionable user interface in Excel. A product designed for a single user group: auditors. DataSnipper simply makes them feel happier. Youssef Hounat, Head of Product at DataSnipper, explains: "We don't receive love letters, but we have seen auditors jumping on their chairs when they saw DataSnipper for the first time." Youssef adds: "As our product matures, we are really excited about continuing to empower auditors and other financial professionals to be more impactful. Our core platform will continue to develop by providing more powerful automation and documentation capabilities".


A Home for Auditors

DataSnipper is more than just a product in Excel. "We learned that by openly acknowledging the pain of the auditor, we win their hearts. They feel at home at DataSnipper because we listen to and understand their pain. We make auditing fun again, and for that reason, many auditors across the globe embraced our brand and started Snipping for the better", Bas Willems, Head of Marketing and Growth, explains. "However, DataSnipper's journey has only just begun. Many financial professionals in other markets could greatly benefit from DataSnipper's automation platform in Excel too", Bas states.


Beyond Audit: Opening Untapped Markets

DataSnipper's automation platform can be used for internal audit, financial control, and external audits, which gives it a large untapped market potential. Jonas Ruyter, founder at DataSnipper, explains: "We discovered that DataSnipper could also be used by the clients of our clients. This means DataSnipper has a potential client base that is 1,000 times bigger than we initially thought. This brings new challenges to the table, like the scalability of our software, innovative distribution models, and even external funding needs. We're looking back at an amazing last year and at the same time, looking forward to our future with much excitement."


One Percent for the Planet

DataSnipper is a young and ambitious company. Growing from a small team with just three founders to a scale-up with serious responsibilities. "We realize DataSnipper is here to stay. We believe it is our responsibility to protect our environment and raise awareness to be more environmentally conscious. To fulfill our mission as a company, we are committed to giving 1% of the annual revenue directly to non-profit organizations whose focus is to help an environmental cause", Jonas explains. He adds: "In line with our values, 1% for the planet focuses on keeping things genuine and simple. We are committed to giving 1% towards creating a bigger impact alongside the world's most passionate organizations, regardless of the success of our annual revenue".

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