Scaleup Finance, a Danish-founded fintech, has raised the nation’s largest-ever seed funding round, securing $8m (£6.4m) to bring its “digital CFO” platform to the UK.
The funding round, shared exclusively with UKTN, will support Scaleup Finance’s expansion in the UK market, where it will provide its subscription-based platform that automates company finance management.
Scaleup Finance’s digital CFO platform handles reporting, budgeting, financial modelling, and bookkeeping. Founded in 2021, Scaleup Finance says it has “more than 150” companies using its software, which it describes as “CFO as a service”.
“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.”
The Danish firm’s new funding round was led by the British venture fund PROfounders Capital, along with FinVC, Clocktower VC, CircleRock Capital and several angel investors.
“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.”
Scaleup Finance employs 70 people and has established a London office and team as part of its UK expansion.