This morning Cube announced that it has closed a Seed round worth just over$ 5 million. The application startup, focused on financial planning and analysis( FP& A) operate, conjured $3.8 million of the full amounts of the recently, with remaining $1.25 million having come in an earlier Pre-Seed round.
Christina Ross, Cube’s CEO and benefactor, told TechCrunch that she started raising the most recent tranche of asset in March, winding up with a few term membranes within a few weeks. Eventually the startup picked Bonfire Ventures‘ Brett Queener to lead the round, with Operator Collective, Clocktower Technology Ventures, Alumni Ventures Group, Techstars, and others taking part.
So, what is FP& A and why is Cube attracting so many interested investors? Let’s talk about both.
Assault the spreadsheets
There’s an old startup chestnut that I can’t source this morning, but travels something like this: If you want to know where to found a startup, just go to a big company, are walking until you figure out where they still use spreadsheets, and construct something that will replace them. Voila, you have a company.
Ross is doing something similar with Cube.
She detailed her work experience in an interrogation , observing stints at GE, at Deloitte doing business operate, at Rent The Runway as hire 34 and first head of finance, at Criteo where she was its The americas head of finance, and, ultimately, at Eyeview as its CFO. She has helped growing business manage and track their monetary resources, and outline a plan for the future.
Or in industry-speak, she has depleted a lot of term doing FP& A, a business process where she says there are still too many old-fashioned spreadsheets.
That’s where Cube comes in. Ross noted during our chat that lots of what a CFO does is being automated, with Carta, Bill.com, Expensify, and other tools, but that FP& A is still something of a crap experience.
What Cube does is is collected from a company’s general ledger( judge Quickbooks ), CRM( say, Salesforce ), and HRIS( ADP, perhaps) into a single storehouse. From there the company’s FP& A denizen can dominate and sort the data, viewing it using Cube’s own visualization tool, spreadsheets, or web interface.
Once you can see the information in a manner of your choose, you can get to the real work of FP& A, namely sketching out the future. What is that sketch good for? Providing a company’s leadership with gain and loss forecasting, and other operating details.
In Ross’s conception, FP& A is actually pretty simple. Put apart all the numbers, it’s just telling the story of the past, and writing the story of the future for any given company.
It’s a neat problem to solve, and one that Cube can blame amply for helping with. Pricing for the company’s service starts at $ 850 per month, and goes up from there( the startup also offers a discounted startup mean ).
But don’t worry, Cube isn’t trying to build a slightly better note taking app and then begging beings to satisfy, please pay for a modicum for it. The startup wants to build a part of business’ business mentalities. And as its product will sit next to the nexus of expend and currency, the startup is probably right to necessitate a higher fee than we often is evident from little mission-critical SaaS products.
Its business-importance and cost moment, we infer, were part of why Cube didn’t struggle to raise during a pandemic. Based in New York City, the startup intends to triple its staff size in the next year now that it has closed its fund cycle.
Cube’s software isn’t something that I’ll ever exploit, but I’ve been at a startup at the time when it began to mature its accounting and investment serves. It’s a struggle to simply get the numbers in line, let alone get the books so perfect that you are eligible to promote your eyes from the fine print to glance at the horizon. If Cube can help more corporations do simply that, it could do well for itself.
More when Cube shares increment numbers.
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