Abacum, a SaaS maker geared toward upgrading midsized companies’ financial planning and analysis tools, has fast-followed the $7 million seed it raised in April with a $25 million Series A round. The latest funding brings its total raised to date to $32 million.
The Series A is led by European VC Atomico, with participation from Creandum, FJ Labs, S16VC and other existing investors.
It added that a number of “notable” unicorn founders and executives also joined this round as angels, including Adyen CFO Ingo Uytdehaage; Infarm CFO Carmine Visconti; JobandTalent co-founders Felipe Navío and Juan Urdiales; and BlockFi founder Zac Prince.
As part of the investment, Atomico principal Terese Hougaard will join its board.
As we reported when we covered Abacum’s seed raise, a core focus for the software is on bringing a collaborative layer to financial planning and analysis — making it easier for financial teams to share data internally with the wider business by automating fiddly, repetitive manual tasks (such as copy-pasting data between spreadsheets or other manual data transformations that can be prone to human error).
Abacum co-founder and CEO Julio Martínez told TechCrunch the 2019-founded startup now has over 50 customers spread across five continents.
These include a number of familiar scaleups given the mid-tier focus. It lists Spain’s Typeform, Cabify and Ebury among its sign-ups, for example. While Abacum’s business is based in New York, its co-founders are Spanish and it has an office in Barcelona, and it has evidently been leveraging links to the local ecosystem to drive uptake.
Asked about its growth rate this year, Martínez said: “We’ve multiplied 15x our ARR in the last year, and our ARR per client continues to expand as the value they find in the Abacum platform continues to grow.
“Today, the majority of our customer base is split between North America and Europe. Regarding industries, we’re focused on fast-scaling tech companies. Fintech and SaaS are the most prominent sub-industries we deal with, but there is no shortage of mobility and martech companies either,” he added.
Per Martínez, Abacum will use the Series A funding primarily for product development and growth.
“Our goal in the next months is to continue building more value for our customers in the Abacum platform with more functionality. On the commercial side, we are also growing our offices in the U.S. and LatAm to serve our customers better in those markets,” he said.
“Modern finance teams are increasingly called upon as the central source of truth in a company, providing all other teams with the input they need to make key strategic decisions,” Hougaard said in a statement. “The uncertainties presented by the pandemic have exacerbated this, with finance teams needing to accurately forecast and scenario plan faster than ever before. Abacum provides the platform strategic finance teams need to do exactly this: Aggregate and combine existing sources of business data, forecast, plan and — crucially — collaborate with all other teams in a company.”