SaaS to help mid-sized firms’ monetary planning with real-time information and native collaboration isn’t the sexiest startup pitch beneath the solar but it surely’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 as we speak.
The rosters of current buyers additionally collaborating within the spherical are Y Combinator (Abacum was a part of its newest batch), PROFounders, and Ok-Fund, together with angel buyers resembling 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 12 months in the course of the COVID-19 international lockdown, after what it says was round a 12 months 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 variety 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 Area Company engineer turned CFO/COO — noticed a possibility to construct devoted software program for mid-market finance groups to offer real-time entry to information 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 information and limitations to collaboration in their very own skilled expertise with the finance perform.
The concept with Abacum is to exchange the necessity for finance groups to manually replace their fashions. The SaaS routinely does the updates, fed with real-time information by direct integrations with software program utilized by groups coping with capabilities like HR, CRM, ERP (and so forth) — empowering the finance perform 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 had been simply spending 50% to 70% of their time in handbook duties like downloading information from totally different methods, copy&pasting them in large spreadsheets (that crash often), 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 complete handbook half is routinely carried out and the finance professionals can spend their time analyzing and including actual worth to the enterprise.”
“We allow quicker choices that weren’t doable previous to Abacum. For example, a few of our purchasers had been updating their cohort evaluation on a quarterly foundation solely as a result of the related handbook duties had been too painful. With us, they’re in a position to replace the evaluation weekly and take higher choices consequently.”
The SaaS additionally helps choices in one other manner — by making use of machine studying to enterprise information to generate estimates on future efficiency, offering an AI-based reference level primarily based on historic information that finance groups can use to tell their assumptions.
And it aids cross-business collaboration — permitting customers to share and collect data “simply by workflows and permissions”. “We see that this leads to quicker and richer choices as extra stakeholders are introduced into the method,” he provides.
Martinez says Abacum selected to give attention to 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 perform is underinvested — they face the acute complexities of scaling firms that change into very urgent however on the similar time they’re nonetheless thought of a help perform, a back-office,” he argues.
“Abacum makes finance a strategic perform — we ship native collaboration to finance groups in order that they change into the trusted enterprise accomplice 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 rivals he factors to when requested about different gamers within the house 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 information. We had been impressed by their user-friendly product, the preliminary hiring of high expertise, and crucially the robust 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 development, per Martinez, who says it’s targeted on wooing finance groups within the US and Europe for now.