Established 11 months ago by ex- Revolut professionals including CEO Lasse Kalkar and COO Anita Koimur, and CTO Evan O’Brien, LiveFlow plans to improve the way financial management is performed inside organizations.
The team at LiveFlow wrote in a blog post that they are pleased to share that they have acquired $3.5 million via seed round that was led by Moonfire Ventures.
The team noted that they started LiveFlow to “help millions of businesses around the world to better manage their finances, and this new capital will help us to get there even faster.”
Mattias Ljungman, Founder and Managing Partner at Moonfire Ventures, stated”
“Accurate financial reporting is paramount to a business’s longevity and success. LiveFlow provides a critical service by automating and streamlining the reporting process, giving businesses the visibility and real-time information they need to better manage their business.”
LiveFlow’s management further noted that they are thankful to all of the other investors that “continue to believe in our vision,” namely Y Combinator, Seedcamp, and WndrCo, as well as experienced operators such as Victor Jacobsson, co-founder of Klarna; Bradley Horowitz, former VP Product at Google; Oliver Jung, former VP International Expansion at Airbnb; Phillip Chambers, Peakon founder & CEO; Conor Walsh, Head of Global Product at Square; Don Hoang, VP Global Business at Revolut; Snir Kodesh, Head of Engineering at Retool and more.
The team added that if there’s one thing they realized throughout 2021, it’s that the world has “dramatically changed, and is continuing to do so as we speak.”
The announcement also mentioned that parents are now “working with kids on their shoulders from home, companies going fully remote, doctors providing healthcare online, the world’s biggest conferences turning online, founders raising hundreds of millions of dollars via Zoom, employees never meeting in real life, and companies turning from a physical to a digital HQ.”
The list of things that we “never thought were possible is now a reality – yes, this is really happening,” the update noted.
Many firms have already been forced to “dramatically change the way they operate, and whilst a tiny portion like Zapier only had to make minor changes, as they were already prepared for a fully remote culture, most other companies had to undergo severe operational and cultural changes in the way their company is operating – changes which has significant impact on finance and financial reporting – if bringing together thousands of financial data-points scattered across dozens of data sources and buried in outdated spreadsheets was tough before remote work took off, then doing this in a remote setting is even harder… Especially as people are unable to quickly tap a shoulder to get the data they need.”
Radical change is “needed to build the finance team of tomorrow,” the update noted.
And that’s why they are building LiveFlow – To help the founders starting new businesses to “not worry about running out of cash, to help finance teams become fully automated and to help accountants provide better strategic advice to their clients – all so we can help our them free up their time, so they can focus on what matter the most: driving innovation and solving real problems.”
LiveFlow (YC W21) is a “fully automated, NextGen Spreadsheet, that lets you connect real-time data from your Google Sheets, banks, accounting and revenue platforms (such as Quickbooks and Stripe) in a matter of minutes.”
As a result, you “receive live, fully flexible dashboards – think financial spreadsheets on steroids that act as the only source of truth and foster controlled collaboration within your organization.”
LiveFlow is backed by Y-Combinator and Seedcamp.
For more details on this update, check here.
