Abacum, a financial planning and analysis platform aimed at tech finance teams, has collected $25m in its Series A funding round.
The investment was led by Atomico, a European venture capital firm.
This funding round brings the company’s total capital raised to $32m, having previously raised $7m in its seed round back in April 2021. The seed investment was backed by Creandum, Y Combinator, PROFounders, K-Fund, along with several angel investors.
Abacum was founded in 2020 by Julio Martinez and Jorge Lluch. Despite being in the middle of a pandemic, the founders believed their idea for Abacum would be successful regardless, a blog post from the company outlined.
The pair used the pandemic to conduct market research and lay the foundations for the company.
Both have years of experience within the finance space, with Martinez being the co-founder and CEO of InnoCells, a digital innovation hub of Sabadell Bank, and Lluch being the CFO at Wallapop and COO at TravelPerk.
Their experience helped them realise the biggest pain points of financial planning and analysis platforms, which was the lack of communication, collaboration and automation. This impacted the ability for reporting and forecasting and left room for manual errors.
Abacum was built to automate time-consuming tasks and provide companies with fast and valuable business insights.
Copyright © 2021 FinTech Global