Financial planning software tools11/21/2023 ![]() ![]() ![]() Financial tools can help manage your savings and track expenses. From invoices to day-to-day expenses, business finance tools can simplify and streamline financial management. Then you probably are not using financial management tools. “Companies are only getting more disciplined financially and that increases the demand for a product like Runway.Does keeping up with the financials of your business seem like a never-ending task? “As a product that helps businesses understand their financials and plan better, we are in the fortunate position of being a counter cyclical product,” Chen said. It brings the company’s total raised to $33.5 million, following a previously undisclosed $5 million seed round led by Andreessen Horowitz. Runway today announced that it raised $27.5 million in a Series A round led by Initialized Capital with participation from angels including Elad Gil and Jason Tan. “Our burn rate is well under $500,000 today.” “We can share that we are growing at more than 10x year-over-year and currently have a pipeline booked out through the end of the year,” Chen said. Chen touts its close partnership with Rippling - “qualified” Rippling customers have priority access so that employee data, payroll, headcount expenses and hiring plans can all be synced automatically. Runway seemingly hasn’t had trouble attracting business, though, from customers including Superhuman, Stability AI and Chen’s old stomping ground, Sandbox VR. Elsewhere, there’s Firmbase, which offers a financial planning and analysis platform for startups. But it’s also true that there are other platforms that accomplish - or at least claim to accomplish - much the same thing.Ĭonsider Dougs, which handles a company’s financial statements and generates certified tax filings, connecting bank accounts so that the platform can automatically generate reports and invoices. Now, is it true that Runway accomplishes all that? Perhaps. “Making the business more accessible to folks outside of finance helps companies create context over control, giving them a huge competitive advantage.” ![]() “With Runway, customers are able to feel more confident about their business, because the platform helps them save time, understand the business and the impact of decisions more clearly, and gives everyone better context so that they can execute faster,” Chen said. Meanwhile, Runway’s AI “copilot” allows customers to create scenarios by typing a prompt and letting the system generate business plans based on a model and live data from connected business apps. With the reporting component, users can build dashboards with live charts, tables, text and even video and content from the web. a pay bump, hiring new people or increasing marketing spend). Runway, which connects to existing accounting tools, data warehouses and human resources information systems, allows customers to write formulas and create models that can be incorporated into business plans and scenarios (e.g. “ teams a clear and joyful god’s-eye view of their entire business, from finance to HR, sales, marketing, product and growth - enabling them to make better business decisions faster.” “Runway is the first strategic management platform for modern, high-growth technology companies,” Chen said. So he started Runway, which aims to replace spreadsheets with “intuitive” financial modeling, planning and reporting workflows. “This is the state of the world for most founders today.”Īfter countless frustrating experiences with Excel spreadsheets, Chen was spurred to create an alternative. “I’ve always thought it was something for ‘real business people’ and I could just go and do what I enjoyed, which is product and engineering,” he told TechCrunch in an email interview. And it’s something he felt self-conscious about. Siqi Chen, the former president of Sandbox VR, the brick-and-mortar VR experience franchise, didn’t always have a strong grasp of finance. ![]()
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