SaaS to help mid-sized firms’ monetary planning with real-time knowledge and native collaboration isn’t the sexiest startup pitch underneath the solar however it’s one which’s swiftly netted Abacum a bunch of notable backers — together with Creandum, which is main a $7M seed spherical that’s being introduced at this time.
The rosters of current traders additionally collaborating within the spherical are Y Combinator (Abacum was a part of its newest batch), PROFounders, and Okay-Fund, together with angel traders corresponding to Justin Kan (Atrium and Twitch co-founder and CEO); Maximilian Tayenthal (N26 co-founder and co-CEO & CFO); Thomas Lehrman (GLG co-founder and ex-CEO), Avi Meir (TravelPerk co-founder and CEO); plus Jenny Bloom (Zapier CFO and Mailchimp ex-CFO) and Mike Asher (CFO at Neo4j).
Abacum was based final yr in the midst of the COVID-19 international lockdown, after what it says was round a yr of “deep analysis” to feed its product growth. They launched their SaaS in June 2020. And whereas they’re not disclosing buyer numbers at this early stage their first purchasers embrace a spread of scale-up firms within the US and in Europe, together with the likes of Typeform, Cabify, Ebury, Garten, Jeff and Talkable.
The startup’s Spanish co-founders — Julio Martinez, a fintech entrepreneur with an funding banking background, and Jorge Lluch, a European House Company engineer turned CFO/COO — noticed a possibility to construct devoted software program for mid-market finance groups to offer real-time entry to knowledge by way of native collaborative that plugs into key software program platforms utilized by different enterprise items, having felt the ache of a scarcity of entry to real-time knowledge and boundaries to collaboration in their very own skilled expertise with the finance operate.
The concept with Abacum is to exchange the necessity for finance groups to manually replace their fashions. The SaaS mechanically does the updates, fed with real-time knowledge by means of direct integrations with software program utilized by groups coping with features like HR, CRM, ERP (and so forth) — empowering the finance operate to collaborate extra simply throughout the enterprise and bolster its strategic decision-making capabilities.
The startup’s gross sales pitch to the goal mid-sized firms is multi-layered. Abacum says its SaaS each saves finance groups time and permits faster-decision making.
“Previous to utilizing Abacum, finance analysts in our purchasers have been simply spending 50% to 70% of their time in handbook duties like downloading information from completely different programs, copy&pasting them in huge spreadsheets (that crash regularly), formatting the information by manually including and eradicating rows, columns and codecs, connecting the information in a mannequin susceptible to handbook error (e.g. vlookups & sumifs),” Martinez tells TechCrunch. “With Abacum, this whole handbook half is mechanically carried out and the finance professionals can spend their time analyzing and including actual worth to the enterprise.”
“We allow sooner choices that weren’t doable previous to Abacum. As an example, a few of our purchasers have been updating their cohort evaluation on a quarterly foundation solely as a result of the related handbook duties have been too painful. With us, they’re in a position to replace the evaluation weekly and take higher choices in consequence.”
The SaaS additionally helps choices in one other manner — by making use of machine studying to enterprise knowledge to generate estimates on future efficiency, offering an AI-based reference level based mostly on historic knowledge that finance groups can use to tell their assumptions.
And it aids cross-business collaboration — permitting customers to share and collect info “simply by means of workflows and permissions”. “We see that this leads to sooner and richer choices as extra stakeholders are introduced into the method,” he provides.
Martinez says Abacum selected to deal with mid-market finance groups as a result of they face “extra challenges and inefficiencies” vs the smaller (and bigger) ends of the market. “In that phase, the finance operate is underinvested — they face the acute complexities of scaling firms that change into very urgent however on the similar time they’re nonetheless thought-about a help operate, a back-office,” he argues.
“Abacum makes finance a strategic operate — we ship native collaboration to finance groups in order that they change into the trusted enterprise associate they need to be. We additionally see that the pandemic has accelerated the necessity for finance groups to collaborate successfully and work remotely,” he provides.
He additionally describes the mid market phase as “pretty unpenetrated” — claiming many firms don’t but having an answer in place.
Whereas opponents he factors to when requested about different gamers within the area are lengthy within the tooth in digital phrases: Adaptive Insights (2003); Host Analytics (2001); and Anaplan (2008).
Commenting on the seed spherical in a press release, Peter Specht, principal at Creandum, added: “The monetary planning processes in lots of firms are ripe for disruption and demand extra automation. Abacum’s slick answer empowers finance groups to be extra collaborative, environment friendly and higher knowledgeable with entry to real-time knowledge. We have been impressed by their user-friendly product, the preliminary hiring of prime expertise, and crucially the sturdy founders and their in depth operational expertise — together with as CFOs and entrepreneurs who’ve skilled the issue first-hand. We’re delighted to be a part of Abacum’s journey to empower international SMEs to carry their monetary operations to new ranges.”
Abacum’s seed financing shall be ploughed into product growth and progress, per Martinez, who says it’s targeted on wooing finance groups within the US and Europe for now.