Vienna’s financial reporting and due diligence management platform Helu has secured $5 million in seed funding. The service aims to simplify accounting data and present CFOs at SMEs and M&A advisors with an easily digestible, yet comprehensive financial overview, down to the lowest booking level.
Helu was founded in 2020 by former Speedinvest partner Franz Salzmann, and given his dealings, I can say with a fair degree of confidence that Helu was born from a wish list of tools he wished he’d had at the time.
“We’re delighted to have the founders of some of Europe’s leading unicorns backing us because they completely appreciate how difficult it is for small and mid-sized companies to present financial reports in a really simple, clear and coherent way,” said Salzmann. “This was a major pain point that I often experienced as an investor when chasing financial information from portfolio companies. I realised that finance teams had to work long hours gathering data across multiple spreadsheets and at the end of the day the picture of their business was still incomplete.”
At present, Helu is leaning heavily on DATEV, and streamlines multiple financial data sets into a single, customisable dashboard. From this dashboard it's simply a matter of dragging and dropping accounts to create P&L statements, cost centre views, marketing analysis, and/or debtor and creditor reports.
Helu’s $5 million seed round was led by Atlantic Labs and saw participation from a number of angel investors including Marco Rodzynek (founder of the Noah conference), Fabian Wesemann (founder of wefox), Eric Demuth (founder of Bitpanda), Gilad Novik (former Lakestar partner), Christophe Maire (Atlantic Labs), Oliver Manojlovich (VP Sales at Personio), and other undisclosed individuals.