Real-time financial and operational data collaboration tool Abacum netted $7m through a seed round funding led by Creandum alongside existing investors Y combinator and PROFounders.
Angel investors Justin Kan from Atrium and Twitch, Maximilian Tayenthal of N26, Thomas Lehrman from GLG, Avi Meir of TravelPerk, Jenny Bloom from Zapier and Mike Asher from Neo4j also participated in the round.
This seed financing will be used for overall product development and growth over just targeting finance teams in the US and Europe.
The Barcelona-based FinTech firm, which was founded in April of last year, is a financial planning platform that allows finance teams to collaborate and make more efficient and informed decisions by automatically updating financial models using real-time data obtained through direct integrations with existing software.
Commenting on the round, Creandum principle Peter Specht said, “Abacum’s slick solution empowers finance teams to be more collaborative, efficient and better informed with access to real-time data. We were impressed by their user-friendly product, the initial hiring of top talent, and crucially the strong founders and their extensive operational experience.”
At present, mid-market finance teams spend up to 70% of their time manually updating financial models, all without a native collaboration solution, it said, adding that Abacum works across all departments – CRM, HR, ERP among others to enable finance teams to have more time and impact on corporate decision-making processes.
A member of Y Combinator’s most recent accelerator batch, Abacum has already attracted the interest of some well-known clients including Typeform, Cabify, Ebury and Garten.
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