The CFO process is broken with cumbersome meetings and poor reporting, and it is expensive. Next-generation founders need sharp financial insights, intel, and advice in a clear format delivered at speed. This calls the need for digital CFOs and that is where Scaleup Finance comes into the picture.
The Copenhagen-based fintech startup, which revolutionises financial management for startups and scaleups, has raised $8 million in pre-Series A funding. The round was led by Inveready, alongside Crowberry Capital, Seed X, PROfounders, Fin Capital and CircleRock Capital.
The investment will be used to help drive continued growth in the UK and prepare for future expansion into the US. Launched in Denmark, Scaleup Finance expanded into the UK market in 2022.
Financial management for next-gen founders
Founded in 2021 by Alexander Wulff, Nicolai Rasmussen, Patrick Jørgensen, and Thorbjorn Ronje, Scaleup Finance enables startups and scaleups by professionalising their finance setup. From streamlining financial planning and analysis to automating financial reporting, the company helps growing companies navigate the complexities of financial management with ease.
Scaleup Finance also offers fractional CFO services to provide founders with the strategic financial advice they need to take their business to the next level. It combines technology and financial expertise in a subscription-based solution, so founders can focus on building the business they dream of.
The dedicated CFO offered by Scaleup Finance is essential to scale the business successfully by helping founders make the right decisions. It fuels growth with access to custom budgeting, forecasting, management reporting, bookkeeping, payments and payroll.
One of the UK companies that have partnered with Scaleup Finance is Trust Keith, an all-in-one data protection management solution for tech scaleups.
Co-founder and CEO Alexander Sonne Wulff said: “As founders ourselves, we have experienced the frustration of trying to build a reliable finance function with limited resources. Having a finance set up in place that is backed up by reliable data is crucial when trying to satisfy the demands of board members and investors – so it’s important to get right. With Scaleup Finance, founders now have a platform that automatically delivers the data and insights your stakeholders need, whilst enabling them to spend more time on building and growing their business.”
Aniol Brosa, Partner at Inveready, who led the round, added: “We are delighted to be supporting Scaleup Finance as it continues its impressive growth journey. The need for a new generation of financial management for startups and scaleups has never been more apparent, making this an extremely exciting time for the team. With this investment, Inveready has further strengthened its position in Europe.”
Founder and CEO Rory Codrington commented: “Understanding and reporting on financial metrics are fundamental in turning a great idea into an even better business. Scaleup Finance has helped us build a finance management function that is tailored to our business, giving us the confidence to focus on doing what we do best.”
