Abacum, a start-up situated in San Francisco, has closed a $25 million Series A investment headed by Atomico after only a year in business.
It comes after a $7 million seed round in April that includes Creandum, Y Combinator, PROFounders, K-Fund, and a number of angel investors.
Typeform, AllTrails, Cabify, Yoco, and Ebury are among the companies that use Abacum’s software, which is designed to modernise financial reporting, forecasting, and modelling.
Julio Martinez and Jorge Lluch launched Abacum in 2020. Formerly, he was the co-founder and CEO of Sabadell Bank’s InnoCells, a digital innovation cluster. Previously, he worked as the CFO of Wallapop and the COO of TravelPerk.
They attempted to address common financial reporting and forecasting issues such as a lack of communication, collaboration, and automation.
To streamline reporting and increase forecasting accuracy, the Abacum SaaS platform is designed to automate financial data and support and encourage cooperation across all teams.
The latest cash will be used to expand the team abroad. It also intends to expand support for “global mid-market enterprises.”
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