Firm out to avoid wasting finance groups from cut-and-paste Excel hell will get $25 million to fund growth

The finance division at Typeform, an organization that makes software program that helps clients create types, had an issue.

At any time when a supervisor in one other division of the fast-growing startup in Barcelona requested info on the corporate’s monetary efficiency, the finance division needed to pull that info from a half-dozen totally different programs—one for enterprise useful resource planning, one other for buyer relationship administration, one other for enterprise intelligence—and assemble them right into a Microsoft Excel spreadsheet that it might then e-mail to the enterprise supervisor.

“You’d spend a lot time simply placing the figures collectively that when you should really analyze the info, you run out of time,” mentioned Xavier Castellana, Typeform’s chief finance officer.

That’s when Castellana met the Barcelona-based founders of one other startup, referred to as Abacum, who had designed software program to assist finance departments extra simply compile knowledge, share it with others, and work collaboratively on a single platform.

Primarily based on the identical form of “notebook-style” interface present in software program comparable to Notion, a challenge administration platform, or Jupyter Notebooks, which builders use to share paperwork that comprise dwell software program code, Abacum permits a consumer to easily create charts and tables, and carry out knowledge analytics and forecasts, by routinely pulling dwell knowledge from a wide range of enterprise “programs of file.” It’s built-in with some 150 totally different databases and software program applications.

Typeform turned an early Abacum buyer. “The perfect factor has been the collaboration half,” Castellana mentioned. Now, enterprise executives are in a position to see in real-time how they’re performing towards their finances, they usually can have extra substantive discussions with the finance staff, he mentioned.

Abacum, based in 2019, now has greater than 50 clients, principally mid-market companies and fast-growing startups, in line with Julio Martinez, the corporate’s co-founder and chief govt officer. Right this moment the corporate, which is formally headquartered in New York, introduced that’s has raised $25 million in enterprise capital funding to additional its progress.

The funding spherical was lead by Atomico, the European enterprise capital fund based by billionaire and former Skype co-founder Niklas Zennstrom. Enterprise capital companies Creandum and S16VC, a enterprise fund whose buyers embrace the founders of plenty of profitable European startups, together with Uipath and Hopin, in addition to plenty of distinguished angel buyers additionally participated within the funding spherical. The most recent funding brings to $32 million the entire quantity Abacum has raised up to now, the corporate mentioned.

Among the many people backing Abacum is Ingo Uytdehaage, the chief monetary officer at Adyen, the funds firm that has turn into one in all Europe’s largest fintech success tales, now valued at greater than $80 billion.

“I’ve seen how arduous it’s to construct a finance operate that’s actually giving insights to the enterprise and never simply closing the books,” Uytdehaage informed Fortune. He mentioned he met the co-founders of Abacum by means of a community of European tech founders run by Atomico. When he noticed an indication of their product, he determined to put money into his private capability, he mentioned.

“If there would have been software program like Abacum in our early days at Adyen it wouldn’t have taken so lengthy to construct the finance operate to the place it was actually serving to everybody drive insights,” he mentioned.

Martinez mentioned that Abacum would use the cash it has raised within the newest funding spherical to broaden each its gross sales and advertising and marketing groups, in addition to to proceed constructing out its engineering and product employees. The enterprise at present employs about 75 folks, principally in Europe, though some workers are in New York, he mentioned. The corporate has additionally been accepted into the winter 2021 cohort at Y Combinator, the famed San Francisco-based startup accelerator program.

Correction, November 30: A earlier model of this story wrongly recognized Atomico as an early backer of Adyen.

This story was initially featured on Fortune.com

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