Firmbase Emerges From Stealth with $12M for Its Modern Financial Planning and Analysis Platform

The startup is experiencing rapid growth as companies look to budgeting and planning to see them through the downturn

TEL AVIV, Israel, May 22, 2023 /PRNewswire/ -- Firmbase today emerged from stealth, announcing $12M in funding for their Financial Planning and Analysis (FP&A) platform. The round was led by S Capital with participation from Meron Capital and a wide group of unicorn startup founders and prominent angel investors, including executives from Google, Amazon and Microsoft. Unlike legacy FP&A tools, Firmbase can be implemented in days, giving businesses instant insights and the power of collaborative planning.

As the tech downturn hits both multinationals and startups, companies are making dramatic moves to keep afloat with their previous hiring sprees turning into mass layoffs and cuts. Advanced budgeting and financial planning, relying on accurate live data, scenario modeling, and robust analysis could have helped avoid this turmoil. However, these tools are hard to implement and operate, leaving relevant data in silos scattered throughout an organization across departments such as finance, HR, sales and R&D.

"Traditional FP&A systems take months and cost a fortune to implement," said Tomer Federman, Co-Founder & CEO of Firmbase. "Plus, these systems are difficult to use and are very inflexible. As a result, most companies are operating in the dark, using manual, error-prone processes and spreadsheets."

Firmbase's easy to use SaaS platform incorporates powerful collaboration and permissions features so all parts of the business can work together to produce the most accurate budgets and financial forecasts. The platform's advanced budget vs. actuals solution enables companies to automatically track their plans against performance, and proactively adjust forecasts on the fly.

Firmbase's software integrates with a company's financial and operational systems to extract live data, like employee headcount and expenses. It provides real-time visibility and together with the platform's modeling engine allows companies to quickly build dynamic budgets and run scenario planning.

Firmbase uses generative AI to simplify financial data, increasing engagement among budget owners, who play a critical role in the planning process. The platform also helps busy CFOs and FP&A teams to increase productivity and save time through natural language formulas, flexible workflows and an intuitive interface.

The company was founded by Tomer Federman (CEO) and Vlad Shumlin (CTO) in 2021. Federman holds an MBA from Stanford University and was previously at Facebook, where he led product strategy and global growth of major ad products. Shumlin is a veteran of Israel Defense Forces' 8200 cyber intelligence unit where he served as an R&D section head. Based in Tel Aviv, Firmbase is trusted by industry leaders, including ControlUp, WSC Sports, Walnut, Axis Security, Similarweb and Yotpo.

"In a challenging financial environment, it's the companies that have meticulously planned for all scenarios that are best able to weather the storm," said Aya Peterburg, Managing Partner at S Capital. "Working with startups from their earliest days through to IPO, I've seen the struggles they face to obtain and use accurate, real-time financial information for forecasts, planning and even reporting. By bringing FP&A to the masses, Firmbase gives companies a crystal ball, so they can better predict the future."

Tomer Federman added, "The last couple of years emphasize how crucial it is for companies to have strong FP&A capabilities. Modern finance teams are looking to adopt agile planning and continuous forecasting methodologies. We founded Firmbase to make FP&A attainable, collaborative and data-driven, so companies can be better prepared for future scenarios and make quick decisions with confidence."

About Firmbase:
Founded in 2021 by entrepreneurs with experience from Facebook, Stanford and the IDF's Unit 8200, Firmbase is a rapidly-growing fintech startup backed by world-class investors. Firmbase's collaborative, modern financial planning and analysis platform allows CFOs and finance teams to quickly build data-driven budgets and accurate financial forecasts, automatically monitor plans against actual company performance, and identify and analyze the main drivers that impact business results. Firmbase is trusted by industry leading companies, including ControlUp, WSC Sports, Walnut, Axis Security, Similarweb and Yotpo.

About S Capital:
Following decades of successful investment experience at Sequoia Capital, Aya Peterburg and Haim Sadger decided to found S Capital. S Capital brings all the experience and methods that were acquired at Sequoia Capital while being able to understand the unique needs of the Israeli entrepreneur.

SOURCE Firmbase