Business analytics provider Profitably raises $1.1M (exclusive)

Profitably, a provider of online business analytics software, has raised a funding round worth $1.1 million led by White Owl Capital. The company is a DEMO Fall 2010 conference alumnus.

Traditional business intelligence and analytics programs, such as the ones offered by Oracle and SAP, are popular with larger corporations but are typically too expensive for smaller businesses. That’s where Profitably steps in by offering accounting and analytics software at a much cheaper rate than larger analytics and accounting services.

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The company launched an early version of its service at DEMO Fall 2010 in Santa Clara, Calif. but the team was still hard at work on a number of new features at the time. Profitably also works extensively with Intuit to integrate with its Workplace service, a collection of apps for managing small business accounting.

“We launched a very early product, and there are just a ton of features that people want to see,” said Adam Neary, the company’s chief executive. “We just can’t write these things fast enough, so we needed to raise funds to keep this party going.”

Profitably still isn’t targeting the mom and pop stores — it’s geared toward small- and mid-sized businesses that actually need more in-depth analytics. The company is going after the problems a chief financial officer at a 40-person firm has, not the kind of problems a local delicatessen or retail store has, Neary said.

The company had raised an earlier seed funding round worth $300,000 in July last year led by North Bridge Venture Partners with angel investors David Tisch, Mark Birch and David Honig. David Mars of White Owl Capital will also join the company’s board as part of the newest funding round.

The New York, N.Y.-based company has four full-time employees and a number of contractors. It will add two engineers with the additional funding. The company has raised $1.4 million to date.