The Israeli city of Tel Aviv, May 22, 2023 — With the announcement of USD 12M in investment for its Financial Planning and Analysis (FP&A) platform. S Capital, Meron Capital, an extensive collection of unicorn startup founders, well-known angel investors, and executives from Google, Amazon, and Microsoft, participated in the round, which S Capital led. Firmbase can be adopted quickly, giving firms the power of collaborative planning and fast insights, in contrast to older FP&A systems.
Companies are taking drastic measures to stay afloat as the tech slowdown affects both global corporations and startups, with their earlier hiring binges turning into massive layoffs and budget cuts.
This turbulence could have been avoided with advanced budgeting and financial planning that relied on reliable live data, scenario modeling, and thorough analysis. However, these systems are challenging to set up and manage, leaving pertinent data dispersed across departments like finance, HR, sales, and R&D in silos.
According to Tomer Federman, Co-Founder & CEO of Firmbase, “Traditional FP&A systems take months and cost a fortune to implement.” These systems are also challenging to operate and need to be more flexible. As a result, most businesses use spreadsheets and laborious, error-prone processes to work in the dark.
The sophisticated collaboration and permissions capabilities of Firmbase’s user-friendly SaaS platform enable all business units to collaborate to create the most precise budgets and financial predictions. Companies may easily track their plans against performance and proactively change projections on the fly thanks to the platform’s sophisticated funding vs. actual solution.
The software from Firmbase interfaces with an organization’s operational and financial systems to extract real-time data, such as personnel headcount and spending. It offers real-time visibility and, when combined with the modeling engine of the platform, enables businesses to create dynamic budgets and do scenario planning efficiently.
Financial data is made simpler using generative AI by Firmbase, enhancing participation among budget owners—who are vital to the planning process. The platform’s natural language formulas, adaptable procedures, and user-friendly interface also assist time-pressed CFOs and FP&A teams in boosting productivity and saving time.
Vlad Shumlin and Tomer Federman, the company’s CTO and CEO, respectively, formed it in 2021. Federman previously worked at Facebook, overseeing product strategy and the international expansion of essential ad products. Federman has an MBA from Stanford University. Shumlin is a former member of the 8200 cyber intelligence unit of the Israel Defence Forces, where he oversaw the R&D division. Leaders in the sector, including ControlUp, WSC Sports, Walnut, Axis Security, Similarweb, and Yotpo, trust Tel Aviv-based Firmbase.
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