Quandl receives $5.4 million from August Capital

An investment of $5.4 million by August Capital is heading towards Quandl, a web-based platform for financial and economic databases. Toronto-based Quandl launched January 2013 and hosts over 10 million financial and economic datasets and the money will be used to will grow the company’s expansion into commercial data. Each month, the site serves over 5 million datasets to over 50,000 users.

Dave Marquardt and Tripp Jones of August Capital will join Quandl’s board of directors.

“Quandl is transformational. We think this platform will become fundamental internet infrastructure,” says Tripp Jones, partner at August Capital. “Quandl’s founders understand what data professionals need, and they have built precisely that. As a result, Quandl is already the most successful data platform of its kind ever.”

“Our goal is to make it ever easier to find and use data,” says Quandl’s co-founder and chief data officer Abraham Thomas. “The current generation of data analysts is no longer satisfied with one-size-fits-all technology and draconian restrictions on use; they want the freedom to work on the data they need with the tools they choose. We make that happen.”