Finnish fintech Calqulate raises 1.5 mln euros


Finnish fintech Calqulate, which builds automated financial analytics and knowledge base for startups and growth companies, has raised 1.5 million euros investment round to expand into the U.S. market in the coming months and to develop further financial models into its platform.

The round was led by, with participation from 70V, River Venture Partners and business angels.

Calqulate is on a mission to make financial analytics understandable and actionable so users have the clarity and understanding of their data to make successful decisions.

It is estimated that seven out of ten startups will fail within the first ten years, mostly due to a lack of financial clarity within the company. Many of these challenges and risks can be eliminated by having a clear overview of the company’s growth metrics and accurate cash flow forecasts.

“Financial forecasting and reporting is tedious, complex, and time-consuming,” said cofounder Niko Laine.

“I’ve been there – tech companies achieve considerably faster growth when they understand their key metrics and know how much it costs to acquire new customers in different markets and segments. It is essential to know when it’s time to invest in growth,” Laine said.

According to lead investor, Calqulate is uniquely positioned to simplify reporting, automate routines and provide forecasts as a service – capabilities usually found only in larger organizations with sizable financial teams.

“Many companies, especially in their early stages, have limited budgets or capabilities in their financial teams. In order to manage successful, rapid growth, you need to be on top of your key metrics and have a forward-looking view to your cash flow,” said Pirkka Palomäki, Partner at