At a Glance
Abacum successfully netted in $7m through a seed round funding led by Creandum, involving existing investors like Y combinator, PROFounders. This seed financing shall be used effectively for overall product development and growth over just targeting finance teams in the US and Europe for now, CEO Julio Martinez proclaimed.
Abacum was founded last year amid the COVID-19 pandemic induced lockdown and launched its SaaS in June 2020. They help finance teams save time and bolster their decision making. Their early clients include the likes of Typeform, Cabify, Ebury, Garten, Jeff, and Talkable.
Abacum SaaS prowess
Abacum aims to mitigate manual tasks for finance teams, such as updating their models. With their SaaS, the updates are done automatically with real-time data fed through direct integrations and software used by teams such as HR and dealing with CRM and ERP.
CEO Martinez explains that prior to using their SaaS, their clients spent 50-70 percent of their time on manual tasks like copy-pasting on spreadsheets, formatting volumes of data etc., which often crash their systems.
“With Abacum, this entire manual part is automatically done, and the finance professionals can spend their time analyzing and adding real value to the business,” Martinez added.
Their SaaS also performs other functions. For instance, it supports decisions by applying machine learning to generate estimates on their future performances. It also aids cross-business collaboration, which allows users to share and gather information through workflows and permissions.
Why finance teams?
Martinez states that the focus lies predominantly on finance teams owing to their bigger “challenges and inefficiencies” as opposed to others. Adding that the pandemic had accelerated the need for finance teams to shift to remote working without compromising on efficiency, he states,
“In that segment, the finance function is underinvested — they face the acute complexities of scaling companies that become very pressing, but at the same time, they are still considered a support function, a back-office.”
So when the startup founders Martinez and Jorge Lluch saw the opportunity to develop mid-market finance teams with real-time data access through native collaborative plugs into key software platforms used by other business units, they went ahead with their plan.