Copenhagen-based fintech startup Scaleup Finance, has raised $8 million in seed funding, making it the country’s largest-ever seed funding round according to the exclusive news of UKTN. The round was led by British venture fund PROfounders Capital and joined by FinVC, Clocktower VC, CircleRock Capital, and several angel investors. The platform, which was founded in 2021, offers a variety of financial management services, including reporting, budgeting, financial modelling, and bookkeeping. The funds will be used to expand the company’s reach in the United Kingdom, where it plans to provide its subscription-based “digital CFO” platform.
Scaleup Finance has a team of experienced finance professionals with a focus on start-ups and growing companies. The startup provides CFO-as-a-service and a new digital CXO cockpit that transforms how companies look after their financial management. It improves the management and administration around financial operations to keep pace with the rate of company growth. With the finances safely controlled, their clients can focus on areas that add more value to their business and that they find more interesting. According to Scaleup Finance, over 150 companies are currently using the software.
“Having worked with more than 500 fast-growing companies in recent years, I’ve seen the majority of them struggle to prepare realistic financial models and handle general financial management tasks, especially during their first years,” said Charlie Robinson, Managing Director UK at Scaleup Finance. “They have a hard time identifying their north-star metrics, which is crucial for fundraising. Scaleup Finance is the answer to all of this. We take the struggle out of financial management, so founders can focus on building, running and scaling their businesses.”
“By combining its powerful financial management platform with access to a ‘bench’ of real-life CFOs, Scaleup is able to cater to the unique needs of each customer and free up time for entrepreneurs to focus on building their businesses,” said Joe Bond, a partner at PROFounders Capital. “In a short period of time, Scaleup established a strong presence in Denmark and we will be looking to replicate this early success in the UK and the rest of Europe.”
As part of its expansion into the UK market, Scaleup Finance has set up a London office and team. The company currently employs 70 people. The aim of Scaleup Finance is to alleviate the burden of financial management for business owners, enabling them to concentrate on growing and expanding their companies. With the recent funding obtained, the company is well-equipped to accomplish this objective in the United Kingdom.