Firmbase, a company that offers a financial planning and analysis platform, has scored $12m in a funding round.
The round saw participation from S Capital and Meron Capital. Several unicorn startup founders and prominent angel investors, including executives from Google, Amazon and Microsoft, also backed the firm, demonstrating confidence in its disruptive potential.
Firmbase has created an FP&A platform that can be implemented in just a few days, providing businesses with immediate insights and the benefits of collaborative planning. The firm’s modern approach counters the legacy FP&A tools that often leave valuable data fragmented across various departments within an organisation.
The new funding will be channelled into further developing this SaaS platform. The platform incorporates powerful collaboration and permissions features, so all parts of a business can collaborate to produce accurate budgets and financial forecasts. The advanced budget vs. actuals solution allows companies to automatically track their plans against performance and adjust forecasts proactively.
Firmbase’s platform also integrates with a company’s financial and operational systems, allowing the extraction of live data such as employee headcount and expenses. Through this integration, the firm can offer real-time visibility into financial performance. Along with the platform’s modelling engine, companies can quickly build dynamic budgets and execute scenario planning.
Firmbase co-founder and CEO Tomer Federman said, “Traditional FP&A systems take months and cost a fortune to implement. Plus, these systems are difficult to use and are very inflexible. As a result, most companies are operating in the dark, using manual, error-prone processes and spreadsheets.” He envisions a more streamlined, efficient financial planning process enabled by Firmbase’s platform.
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