Barcelona-born financial planning and analysis startup Abacum has raised $25 million in a Series A round. A Y-Combinator grad, Abacum was founded in April of last year, and allows FP&A teams to collaborate and make informed decisions strong, better, and faster through automation, collaboration, and insights. To date, the firm has raised $32 million and expects to use the new funding to continue product development, further press market presence, and up the human capital count.
At present, finance teams spend up to 70% of their time manually (read: human error-prone) updating and scrubbing financial models, all without a native collaboration solution. Abacum steps in to fill this void, working cross-department (CRM, HR, ERP, and so on), providing teams with a single source of truthiness, and allowing them to sidestep the status quo: chasing other functions via Slack, email, Zoom, or even comments in Google Sheets.
“Tech companies are extremely quick to throw resources at sales and marketing (understandably) but so many of the CFOs and finance leaders we talk to are suffering from a lack of resources - in spite of the record-breaking amount of cash raised in the past few years,” explains co-founder and CEO Julio Martínez. “This means that so often they are bogged down in admin, rather than providing the strategic insight expected of them.”
The company counts Typeform, Cabify, and Ebury amongst its client base, and has seen meteoric growth throughout the pandemic, a trend that’s bound to continue should omicron have anything to say about it. The company boasts that they’ve saved clients approximately 1,348 hours of time in the FP&A process, with the number of human errors unknown thanks to this time saved.
Abacum’s $25 million Series A round was led by Atomico, with participation from previous round lead Creandum, and FJ Labs, S16VC, and other undisclosed existing investors. Additional funding was provided by angel investors including Adyen CFO Ingo Uytdehaage, Infarm CFO Carmine Visconti, JobandTalent co-founders Felipe Navío and Juan Urdiales, and Blockfi founder Zac Prince.
“Modern finance teams are increasingly called upon as the central source of truth in a company, providing all other teams with the input they need to make key strategic decisions. The uncertainties presented by the pandemic have exacerbated this, with finance teams needing to accurately forecast and scenario plan faster than ever before,” commented Atomico’s Terese Hougaard. “Abacum provides the platform strategic finance teams need to do exactly this: aggregate and combine existing sources of business data, forecast, plan and - crucially - collaborate with all other teams in a company.”