Flightpath Finance, a startup which offers a financial planning platform that’s designed to help tech companies, raised $515,000 in seed funding, said Jaakko Piipponen, the company’s Baltimore-based cofounder and CEO.
The fundraising round was led by Active Capital, with participation from Alamo Angels and angel investors.
The company’s web platform is called the Connected Financial Model. It integrates with a company’s internal financials and other data sources to provide forecasting and tracking of revenue, cash, and expenses. Providing up-to-date info allows companies to track financials against a budget, and allows for response if any issues arise, Piipponen said.
The company looks at, ‘How can I use data to make operational decisions?’ That’s where Flightpath comes in,” he said.
The platform also offers data visualizations and allows the financial info to be shared internally among a company’s management team, or with boards and investors.
When it comes to clients, Flightpath Finance is focusing on tech companies with revenue between $500,000 and $15 million. Piipponen described the market as “CEOs, CFOs, and founders of tech companies, with a focus on SaaS.” The startup itself is a software as a service company, offering a subscription model with the cost varying by a company’s revenue.
Starting with a consulting company that helped others finance, Piipponen found a need to create tools that the tools that would replace spreadsheets and other tools being used. He founded the startup along with Ricky Davila and Luke Owen at San Antonio, Texas–based coworking space Geekdom, and started building the product last year. He recently moved to Baltimore, and works out of Impact Hub in Station North. Following the funding round, the remote company is looking to hire.
“I’m thrilled to have our investors share our vision of creating a single, shared playbook for making operational decisions at growth companies. The funds raised will help us to expand our engineering and client-facing finance teams and accelerate our growth,” Piipponen said.-30-
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