Firmbase announced it has emerged from stealth and announced $12 million in funding for its Financial Planning and Analysis (FP&A) platform. This funding round was led by S Capital with participation from Meron Capital and a group of unicorn startup founders and angel investors.
As the tech downturn is hitting multinationals and startups, companies are making dramatic moves to keep afloat with their previous hiring sprees turning into mass layoffs and cuts. Advanced budgeting and financial planning, relying on accurate live data, scenario modeling, and robust analysis could have helped avoid this turmoil. But these tools are hard to implement and operate, leaving relevant data in silos scattered throughout an organization across departments such as finance, HR, sales and R&D.
Firmbase’s SaaS platform incorporates powerful collaboration and permissions features so all parts of the business can work together to produce the most accurate budgets and financial forecasts. And the platform’s advanced budget vs. actuals solution enables companies to automatically track their plans against performance and proactively adjust forecasts on the fly. Plus Firmbase’s software integrates with a company’s financial and operational systems to extract live data such as employee headcount and expenses. And it provides real-time visibility and together with the platform’s modeling engine allows companies to quickly build dynamic budgets and run scenario planning.
Firmbase utilizes generative AI to simplify financial data, increasing engagement among budget owners, who play a critical role in the planning process. And the platform also helps busy CFOs and FP&A teams to increase productivity and save time through natural language formulas, flexible workflows, and an intuitive interface.
The company was founded by Tomer Federman (CEO) and Vlad Shumlin (CTO) in 2021. Federman holds an MBA from Stanford University and was previously at Facebook where he oversaw product strategy and global growth of major ad products. And Shumlin is a veteran of the Israel Defense Forces’ 8200 cyber intelligence unit where he served as an R&D section head. Based in Tel Aviv, Firmbase is utilized by industry leaders, including ControlUp, WSC Sports, Walnut, Axis Security, Similarweb, and Yotpo.
KEY QUOTES:
“Traditional FP&A systems take months and cost a fortune to implement. Plus, these systems are difficult to use and are very inflexible. As a result, most companies are operating in the dark, using manual, error-prone processes and spreadsheets.”
“The last couple of years emphasize how crucial it is for companies to have strong FP&A capabilities. Modern finance teams are looking to adopt agile planning and continuous forecasting methodologies. We founded Firmbase to make FP&A attainable, collaborative and data-driven, so companies can be better prepared for future scenarios and make quick decisions with confidence.”
— Tomer Federman, Co-Founder & CEO of Firmbase
“In a challenging financial environment, it’s the companies that have meticulously planned for all scenarios that are best able to weather the storm. Working with startups from their earliest days through to IPO, I’ve seen the struggles they face to obtain and use accurate, real-time financial information for forecasts, planning and even reporting. By bringing FP&A to the masses, Firmbase gives companies a crystal ball, so they can better predict the future.”
— Aya Peterburg, Managing Partner at S Capital
