Cube, a startup that desires to assist firms “plan their monetary future,” has raised $30 million in a Collection B funding spherical led by Battery Ventures.
Current backers Mayfield Fund, Bonfire Ventures and Operator Collective participated within the financing, together with new strategic investor GTMfund. The spherical brings the corporate’s complete quantity raised to $45 million since its 2018 inception. It declined to disclose its valuation.
Christina Ross, Dice’s CEO and co-founder, instructed TechCrunch she got here up with the thought for the startup after working in CFO or head of finance roles at Eyeview, Criteo and Lease the Runway. These experiences gave her insider perception into the challenges of conducting monetary planning and evaluation.
She describes Dice’s providing as FP&A (monetary planning and evaluation) software program that pulls information from totally different programs and spreadsheets of an organization’s system “to allow them to plan shortly — throughout occasions the place velocity is of the essence.”
And whereas Ross declined to disclose exhausting income figures, she stated that ARR has grown 5 occasions — or 400% — prior to now 12 months, as the corporate has added new clients equivalent to Acorns, Hinge Well being, Masterworks, Truepill and Wealthfront.
Dice is sector agnostic and works with small startups to massive publicly traded firms, Ross stated. Demand for Dice’s software program was excessive in 2021, in accordance with Ross, when there was “limitless capital” accessible to firms. However it may be simply as invaluable throughout a downturn, she stated.
“We view Dice as a defend throughout occasions which might be much less secure, like now, the place abruptly this world of limitless capital has been changed by phrases like burn charge and runway and EBITDA,” Ross instructed TechCrunch. “Now it’s about going again to enterprise fundamentals and groups are saying, we don’t simply want a plan A. We want a plan B, a Plan C and a Plan D.”
Ross instructed TechCrunch that Dice focuses on serving to finance groups “improve the workflows they’ve change into accustomed to.” By workflows, she is referring to spreadsheets. And it’s a story that runs counter to the flurry of startups we’ve seen as of late addressing the identical downside with the goal of changing spreadsheets.
That strategy, in her view, isn’t lifelike as a result of so many finance groups are merely used to, and acquainted with, Excel and Google Sheets. In truth, she describes Dice’s strategy as “spreadsheet native.”
Making an attempt to combine programs which might be designed to interchange spreadsheets, Ross believes, can backfire as a result of implementation can take so lengthy and be so disruptive that it places firms behind.
“Dice will help firms do with a button click on what it could beforehand take days or even weeks,” she stated. “We will help them do extra quicker.”
It could possibly additionally assist firms pivot and run multiscenario plans “in time to adapt to foreseen market adjustments and plan for layoffs and headcount reductions,” she added.
“We are able to onboard clients so shortly, as a result of we’ve the spreadsheet native strategy. We are able to get firms stay in days or even weeks,” she stated. “And these days, the distinction between zero and 6 months is the distinction between life and dying, so firms can’t afford to take too lengthy to resolve these challenges.”
Battery Ventures basic associate Michael Brown believes that FP&A software program is a big market however that almost all of current gamers provide “clunky” know-how.
“Most FP&A software program requires customers to be taught a wholly new system, all whereas sustaining current spreadsheet fashions and forecasts,” he instructed TechCrunch. “Dice, alternatively, empowers finance groups to maintain working inside their much-loved spreadsheets whereas leveraging the ability of an information warehouse and highly effective, automated software program that helps them do their jobs higher.”
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