Fintech startup Cube raises $10m Series A to expand next-geneneration CFO intelligence platform
Cube, the next-generation Financial Planning & Analysis (FP&A) platform for modern Finance teams, announced a Series A round of funding led by Mayfield, with participation from Bonfire Ventures and Operator Collective. Cube's investors also include current and former executives from Anaplan, Planful (née Host Analytics), Carta, and Rent the Runway.
The Office of the CFO has evolved from a technical back-office to a strategic value-driver, with FP&A leading the charge. And while FP&A is a mission-critical function, the vast majority of companies (>80%) still lack the tools necessary to support complex data management and analysis across past, present, and forward-looking scenarios, opening up a multi-billion dollar market. This has led to time-consuming and highly manual FP&A processes, leaving little time or access to the insights Finance teams need to tell the story behind the numbers. Companies around the globe became acutely aware of these challenges at the onset of the pandemic, when they attempted to update their financial forecasts only to discover their spreadsheet-based processes didn't provide the speed and agility they needed.
Founded in 2018, Cube's real-time FP&A platform is disrupting the decades-old Enterprise Performance Management (EPM) industry with an innovative offering that combines the power of SaaS with the flexibility and familiarity of spreadsheets, enabling users to onboard in just days instead of months. Cube automates the manual workload associated with spreadsheet-based planning and analysis by connecting existing spreadsheets and source systems to its powerful cloud platform and system of record, enabling users to save time, reduce errors, and ensure that the right data is instantly accessible to the right users.
Rajeev Batra, Partner, Mayfield: "Cube is creating the foundational financial system of engagement and intelligence for every company in the world. Prior Mayfield portfolio company, Hyperion, did this for the Fortune 1000, but Cube's approach of meeting finance users where they are, in their spreadsheets, and giving them the power of the cloud to do their job, is a 100X market expansion opportunity. When we met Christina, we were immediately struck by her empathy for her end user and her vision for the role of planning to create immense value for businesses. We are excited to be part of her journey, as Cube is not just a company but a movement to elevate the role of Finance, much like other companies we have partnered with have done, such as Outreach for sales teams and Marketo for marketing teams."
Cube is currently focused on mid-market growth companies, and counts a handful of unicorns and public companies in its customer base, which has quadrupled since the company's seed round last year. Responsible for billions of dollars of financial data, Cube plans to triple headcount by the end of the year across engineering, product, and go-to-market teams.
Florian Gendeau, FP&A Leader, Bank Novo: "We are a rapidly-growing company, so we value the flexibility that spreadsheets provide. When it came to FP&A software, moving to a solution that would allow us to stay nimble was top of mind. We looked at other platforms, but they required us to move into new ecosystems instead of adapting to our own. We then heard about Cube and its ability to work seamlessly with our existing tech stack, and we decided that this was the one. Since starting with Cube, we've been able to save hours each month, and no longer require additional headcount just to keep up. Most importantly, Cube has greatly reduced the potential for errors in our calculations since everything is pulled from the same place."
Christina Ross, Founder and CEO, Cube: "Our mission at Cube is to empower Finance professionals to become the strategic value-drivers and storytellers in every organization. Armed with faster, smarter insights, Finance teams will actively influence the key decisions that propel the business forward."