14 Jan Cashforce raised EUR 1 million in Series A funding from Volta Ventures
Cashforce, a cash-management startup, has raised EUR 1 million in Series A funding from Volta Ventures and Pamica NV which it will use to fasten product development and it’s commercial rollout in Europe. The startup’s platform helps companies with large cashflows, typically between EUR 100 million and EUR 10 billion, gain clear visibility and pro-active cash insights. All ERP data, bank balances and non-ERP data are connected to the service which will then provide an accurate cash flow forecast, identifying moments in which cash is tight. Possible changes in payments or costs can be simulated in the system allowing to make well informed finance decisions and to never miss an opportunity again. The Cashforce software is faster, more accurate and more transparant than Excel, which is still used by the majority of companies.
Being headquartered in Belgium, the new funding will be used to expand activity in the European market which requires new partnerships with banks, financial consultants and private equity firms. Gaining trust from these major players can be hard, as mentioned previously by co-founder Nicolas Christiaen, that’s why they have set up an advisory board last year. Currently the startup has clients in over 20 countries, mostly in logistics, manufacturing and retail, and a secondary office in the United States. Also banks are in talks with Cashforce as their solution provides them with a platform to gain insights into possible investments, a positive forecast is a positive investment. In october 2015, Cashforce showcased its fintech proposition to an audience of 400 industry leaders during the Barclays Accelerator demo day in New York, proving the potential the startup has for the American market.
With the funding comes an addition to the Cashforce Board. Both Volta Ventures and Michel Akkermans from Pamica NV will join. Michel Akkermans has previously led the technology company Clear2Pay. His goal at Cashforce is to accelerate the growth and bring the transparency of cashflows to more companies.
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