SaaS is not the sexiest startup pitch under the sun to support the financial planning of mid-size companies with real-time data and native collaboration, but it is a fast abacum’s trap of noticeable backers – including Kendam Is included, leading $ 7M. The seed round is being announced today.
Current investor rounders are also participating in the round, including Y Combinator (Abacum was part of its latest batch), ProFounders, and K-Fund, including investors such as Justin Kahn (Atrium and Twitch co-founders and CEOs); Maximilian Teenthal (N26 co-founder and co-CEO and CFO); Thomas Lehrmann (GLG co-founder and ex-CEO), Avi Mir (Travelpark co-founder and CEO); Plus Jenny Bloom (Zapier CFO and Melchimp ex-CFO) and Mike Asher (CFO on Neo 4j).
Abecam was founded in the midst of a COVID-19 global lockdown last year, following what it says was around a year of “in-depth research” to feed its product development. He launched his mother-in-law in June 2020. And while they were not disclosing customer numbers at this early stage, their first customers included a range of scale-up companies in the US and Europe, including the likes of Typeform, Cabify, Ebury, Garten. , Jeff and TalkTable.
The Spanish co-founder of the startup – Julio Martinez, a fintech entrepreneur with an investment banking background and Georg Lalach, CFO / COO engineer from a European space agency – created dedicated software for middle-market teams to provide real-time Seen the opportunity. Time access to data through native collaborators plugging into key software platforms used by other business units, lack of access to real-time data and barriers to collaborating in their own professional experience with finance Feels the pain.
The idea with Abakum is to change the need for finance teams to manually update their models. SaaS updates automatically, fed with real-time data with direct integration with software used by teams dealing with tasks such as HR, CRM, ERP (and so on) – more ease in business Empower the finance function to collaborate with and bid on it The ability to make strategic decisions.
The sales pitch of startups for multidisciplinary companies is multi-layered. Abakum says that its in-laws save time for both finance teams and enable faster decision making.
“Prior to using Abacum, finance analysts at our clients were spending 50% to 70% of their time easily doing manual tasks, such as downloading files from different systems, copying and pasting them into large-scale spreadsheets ( Which often crashes), manually adding and formatting the data. Martinez told ClearTips, “Deleting the rows, columns, and formats that add data to the model model for models (such as vlookups and sumifs),” Martinez tells ClearTips. “With Abakum, this entire manual part is done automatically and finance professionals can spend their time and add real value to the business.”
“We enable fast decisions that were not possible before Abakam. For example, some of our customers were updating their cohort analysis on a quarterly basis simply because the related manual tasks were too painful. With us, they are able to update the analysis weekly and make better decisions as a result. “
SaaS also supports decisions in another way – by applying machine learning to business data to generate estimates on future performance, providing AI-based reference points that are based on historical data that the finance team uses To inform your beliefs.
And it supports cross-business – allowing users to share and gather information “easily through workflows and permissions”. “We see that more rapid stakeholders are brought into the process as a result of faster and richer decisions,” he said.
Martinez says that Abacum opted to focus on mid-market finance teams as they face “more challenges and inefficiencies” versus the market’s smaller (and larger) ones. “In that segment, finance functions are underestimated – they face the intricate complexities of scaling companies that become very pressing, but at the same time they are still considered a support function, a back-office.” He argues.
“Abacam makes finance a strategic task – we provide indigenous support for finance teams to become the trusted business partners they want to be. We also see that the epidemic has intensified the need for finance teams to collaborate effectively and work remotely.
He describes the mid-market segment as “quite unpredictable” – a claim many companies do not yet have a solution for.
According to the contestants, when they state that teeth are long in digital context about other players in space: Adaptive Insight (2003); Host Analytics (2001); And Anaplan (2008).
Comment on the seed round in a statement, Creandum’s principal, Peter Specht added: “Financial planning processes in many companies are ripe for disruption and demand more automation. Abacum’s clever solution makes finance teams more collaborative, efficient and better informed with access to real-time data. We were impressed by their user-friendly product, early recruitment of top talent, and importantly strong founders and their extensive operational experience – including CFOs and entrepreneurs who have experienced the problem first hand. We are delighted to be part of Abakum’s journey to empower global SMEs, to bring their financial operations to new levels. “
Abacum’s seed financing will be channeled into product development and development, according to Martinez, who says it is focused on wooing finance teams in the US and Europe for now.