Financial modelling software developer Finmark has scored $5m in its oversubscribed seed funding round.
IDEA Fund Partners, Bessemer Venture Partners and Draper Associates served as the lead investors to round, with support also coming from Promus Ventures, Green Visor Capital and Altair Ventures. There were 14 investment firms to contribute to the funding, as well as 30 angel investors.
The FinTech company provides founders and early-stage startups with an easy-to-use platform that offers financial planning and modelling software. Its technology enables businesses to easily update, inspect and share their financial metrics.
“Spreadsheet or templated financial modeling isn’t going to be enough anymore for startups,” said Lister Delgado, Managing Partner, IDEA Fund Partners. “The level of sophistication, accuracy and transparency that software like Finmark creates is going to be the new norm. Startups are going to have to start using it or risk being left behind by investors.”
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