After coming out of hiding, Firmbase announced that they had raised $12 million for their Financial Planning and Analysis (FP&A) platform. S Capital, Meron Capital, a large collection of unicorn startup founders, well-known angel investors, and executives from Google, Amazon, and Microsoft participated in the round, which was led by S Capital. Firmbase can be adopted quickly, giving firms the power of collaborative planning and fast insights, in contrast to older FP&A systems.
Companies are taking drastic measures to stay afloat as the tech slowdown affects both global corporations and startups, with their earlier hiring binges turning into huge layoffs and budget cuts. This turbulence could have been avoided with advanced budgeting and financial planning that relied on reliable live data, scenario modeling, and thorough analysis. However, these systems are challenging to set up and manage, leaving pertinent data dispersed across departments like finance, HR, sales, and R&D in silos.
According to Tomer Federman, Co-Founder & CEO of Firmbase, “Traditional FP&A systems take months and cost a fortune to implement.” These systems are also challenging to operate and quite rigid. As a result, the majority of businesses use spreadsheets and laborious, error-prone processes to operate in the dark.
The sophisticated collaboration and permissions capabilities included into Firmbase’s user-friendly SaaS platform enable all business units to collaborate to create the most precise budgets and financial predictions. Companies may easily track their plans against performance and proactively change projections on the fly thanks to the platform’s sophisticated budget vs. actuals solution.
The software from Firmbase interfaces with an organization’s operational and financial systems to extract real-time data, such as personnel headcount and spending. It offers real-time visibility and, when combined with the modeling engine of the platform, enables businesses to swiftly create dynamic budgets and do scenario planning.
Financial data is made simpler using generative AI by Firmbase, enhancing participation among budget owners—who are vital to the planning process. The platform’s natural language formulas, adaptable processes, and user-friendly interface also assist time-pressed CFOs and FP&A teams in boosting productivity and saving time.
Vlad Shumlin and Tomer Federman, the company’s CTO and CEO, respectively, formed it in 2021. Federman previously worked at Facebook, where he oversaw product strategy and the international expansion of key ad products. Federman has an MBA from Stanford University. Shumlin is a former member of the 8200 cyber intelligence unit of the Israel Defense Forces, where he oversaw the R&D division. Leaders in the sector, including ControlUp, WSC Sports, Walnut, Axis Security, Similarweb, and Yotpo, trust Tel Aviv-based Firmbase.
According to Aya Peterburg, Managing Partner at S Capital, “In a difficult financial environment, it’s the companies that have meticulously planned for all scenarios that are best able to weather the storm.” “In my work with startups, which has spanned from the early stages to the IPO, I’ve observed the challenges they have in obtaining and utilizing reliable, up-to-date financial data for predictions, planning, and even reporting. Firmbase provides businesses with a crystal ball so they can better forecast the future by making FP&A accessible to all.”
“The past few years have highlighted how important it is for businesses to have good FP&A capabilities,” continued Tomer Federman. “Agile planning and continuous forecasting approaches are being adopted by contemporary financial teams. We started Firmbase with the goal of making FP&A accessible, collaborative, and data-driven so businesses could be better prepared for the future and make snap judgments with confidence.”
Source: HRTech Series