Abacum, a SaaS company focused on improving financial planning and analysis tools for mid-sized businesses, has secured a $25 million Series A financing, after a $7 million seed deal earlier this year (April). The current contribution takes the total amount raised to $32 million. Atomico, a European venture capital firm, is leading the Series a round, which also includes Creandum, FJ Labs, S16VC, and other previous investors.
A number of “notable” unicorn founders and executives, including Adyen CFO Ingo Uytdehaage, Infarm CFO Carmine Visconti, JobandTalent co-founders Felipe Navo and Juan Urdiales, and Blockfi founder Zac Prince, are joining this round as angel investors.
Terese Hougaard, the founder of Atomico, will join the company’s board of directors as part of the deal. we previously reported while covering Abacum’s seed round the software’s main goal to provide a collaborative layer to financial planning and analysis, making it easier financial teams to share data internally with the rest of the company automating fiddly, repetitive manual tasks (such as copypasting data between spreadsheets or other manual data transformations that can be prone to human error).
Julio Martnez, co-founder, and CEO of Abacum, told TechCrunch that the firm, which formed in 2019, currently has over 50 clients distributed across five continents. Given the mid-tier concentration, this includes many well-known scaleups. (For example, while Abacum’s firm is located in New York, its co-founders are Spanish, and it has an office in Barcelona, so it has clearly been exploiting linkages to the local ecosystem to increase acceptance.)
“We’ve doubled 15x our ARR in the last year,” Martnez remarked when asked about the company’s growth rate this year. “And our ARR per client continues to rise as the value they discover in the Abacum platform continues to develop.” “Today, North America and Europe account for the majority of our consumer base. In terms of industries, we are concentrating on fast-growing IT firms. The most significant sub-industries we work with are Fintech and SaaS, but there are plenty of Mobility and Martech firms as well,” he noted.
Abacum will utilize the Series money largely for product development and growth, according to Martnez. “In the next months, our objective is to continue adding features to the Abacum platform to provide greater value to our clients.” On the commercial side, we’re expanding our offices in the United States and Latin America to better service our clients in those regions,” he added.
“Modern finance teams are increasingly looked upon as the fundamental source of truth in a company, providing all other teams with the input they need to make crucial strategic choices,” said Atomico principal Terese Hougaard in a supporting statement. The pandemic’s uncertainty has compounded this, requiring financial teams to anticipate and scenario plan more accurately than ever before. Abacum gives strategic finance teams the tools they need to do just that: aggregate and combine current sources of business data, predict, plan, and, most importantly, interact with the rest of the organization.