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YC-backed Abacum nets $7M to empower finance teams with real-time data and collaboration tools

by Natasha Lomas

SaaS to support mid-sized companies’ financial planning with real-time data and native collaboration isn’t the sexiest startup pitch under the sun but it’s one that’s swiftly netted Abacum a bunch of notable backers — including Creandum, which is leading a $7M seed round that’s being announced today.

The rosters of existing investors also participating in the round are Y Combinator (Abacum was part of its latest batch), PROFounders, and K-Fund, along with angel investors such as Justin Kan (Atrium and Twitch co-founder and CEO); Maximilian Tayenthal (N26 co-founder and co-CEO & CFO); Thomas Lehrman (GLG co-founder and ex-CEO), Avi Meir (TravelPerk co-founder and CEO); plus Jenny Bloom (Zapier CFO and Mailchimp ex-CFO) and Mike Asher (CFO at Neo4j).

Abacum was founded last year in the middle of the COVID-19 global lockdown, after what it says was around a year of “deep research” to feed its product development. They launched their SaaS in June 2020. And while they’re not disclosing customer numbers at this early stage their first clients include a range of scale-up companies in the US and in Europe, including the likes of Typeform, Cabify, Ebury, Garten, Jeff and Talkable.

The startup’s Spanish co-founders — Julio Martinez, a fintech entrepreneur with an investment banking background, and Jorge Lluch, a European Space Agency engineer turned CFO/COO — spotted an opportunity to build dedicated software for mid-market finance teams to provide real-time access to data via native collaborative that plugs into key software platforms used by other business units, having felt (Read more...)

Can you beat Google with Google’s brains?

by Natasha Mascarenhas

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

Natasha and Danny and Alex and Grace were all here to chat through the week’s biggest tech happenings. Like every week, we had to leave a lot of great stuff on the cutting-room floor. But, we did get to touch on a bunch of news that we feel really matters.

Also we do wind up talking about a few Extra Crunch pieces, which is where our deeper analysis on news items lives. If the paywall is a bother, you can get access while saving 50% with the code “EQUITY.”

Here’s what we got into:

Zapier buys no-code-focused Makerpad in its first acquisition

by Alex Wilhelm

Zapier, a well-known no-code automation tool, has purchased Makerpad, a no-code education service and community. Terms of the deal were not disclosed.

TechCrunch has covered Zapier often during its life, including its first, and only fundraising event, a $1.2 million round back in 2012 that tapped Bessemer, DFJ, and others. Since then company has added more expensive tiers to its service, built out team-focused features, and recently talked to Extra Crunch about how it scaled its remote-only team.

In an interview Monday with Zapier CEO Wade Foster told TechCrunch that his company now has 400 workers, and crossed the $100 million ARR mark last summer.

The Makerpad deal is its first acquisition. TechCrunch asked Makerpad founder Ben Tossell about the structure of the deal, who said via email that his company will operate as a “stand-alone” entity from its new parent company.

The deal doesn’t seem prepped to upend what the smaller startup was working on before it was signed. “Ultimately,” Tossell wrote, “Makerpad’s vision is to educate as many people as possible on the possibilities of building without writing code.”

Foster seems content with that focus, describing to TechCrunch how he intends to let Makerpad operate largely independently, albeit inside a set of editorial guidelines.

TechCrunch asked the Makerpad founder why this was the right time to sell his business. He said that the pairing would help his team take the no-code world further than it could alone, also noting that the deal was a (Read more...)