Financial management platform Pry Financial announced Monday (Aug. 23) it raised $4.2 million in a seed round. The company will use the money to improve collaboration on the platform, which launched last year, according to a company blog post.
Founders of startups and small- to medium-sized businesses (SMBs) can find cash flow management and business finances stressful, the post stated.
“Early-stage founders need to manage cash flow, attract funding and prove business profitability, but doing this in Excel spreadsheets is confusing, difficult and very manual,” Pry CEO Andy Su said in the post. “We’re building Pry to tackle this problem for startup founders and small business owners.”
Pry combines customers’ balance sheets, profit and loss statements and cashflow statements into a single financial report that includes “everything that the founder or board needs to know about the company,” according to the post. This arrangement replaces the three-way forecast. Spreadsheets are also replaced by hiring plans, financial modeling and scenario planning.
Pry released its first product, Avalon, a little more than a year ago, the post stated. The company has more than 200 customers on the platform, which has been enhanced with a number of new features and improvements, including a hiring plan, financial modeling, one-click scenario planning and a customizable dashboard.
Investors in the seed funding round included Global Founders Capital, Liquid2, Pioneer Fund, Y Combinator, Hyphen Capital, Walter Chen and others, according to the post.
In separate news, back-office service provider Pilot raised $60 million earlier this year through a Series C funding round headed up by Sequoia Capital, doubling the company’s total funding to $120 million.
Read more: Pilot Raises $60 Million To Help SMBs Modernize Finances
Pilot will use the money to enhance its back-office services to better serve its SMB customers. The Pilot software helps SMBs access strategies to help build and accelerate growth, boost cash flow and have better profitability.