Scaleup Finance, a pioneering company in the FinTech sector, has successfully closed an $8m (£6.4m) pre-Series A funding round.
This significant financial boost is aimed at addressing the challenges of financial management faced by startup and scale-up companies.
The round was spearheaded by Inveready, with contributions from Crowberry Capital, Seed X, PROfounders, Fin Capital, and CircleRock Capital. The funds are earmarked for fuelling Scaleup Finance’s ongoing growth within the UK, while also laying the groundwork for an ambitious expansion into the US market.
At its core, Scaleup Finance is revolutionising the way startups approach financial management. Launched in Denmark in 2021 and expanding into the UK market in 2022, the company has reported a staggering 1,000% growth in the past year alone. Its platform is designed to simplify financial planning and analysis, automate financial reporting, and navigate the intricacies of financial management effortlessly.
The newly acquired funding will be strategically utilised to bolster Scaleup Finance’s offerings and reach. Scaleup Finance Co-founder and CEO Alexander Sonne Wulff explained, “As founders ourselves, we have experienced the frustration of trying to build a reliable finance function with limited resources. Having a finance set up in place that is backed up by reliable data is crucial when trying to satisfy the demands of board members and investors – so it’s important to get right. With Scaleup Finance, founders now have a platform that automatically delivers the data and insights your stakeholders need, whilst enabling them to spend more time on building and growing their business.
“Our vision with this round is to create a digital finance home that empowers founders and finance professionals to fully understand the data that drives their business performance.”
In addition to its core financial management platform, Scaleup Finance offers fractional CFO services, ensuring startups make informed financial decisions. This holistic approach to financial management has already garnered the trust of several UK companies, including Trust Keith, an all-in-one data protection management solution for tech-scaleups. Trust Keith’s Founder and CEO Rory Codrington praised Scaleup Finance for its instrumental role in building a finance management function tailored to their business needs.
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