We at Farseer are happy to announce our $1.5M seed round led by Apertu Capital and SQ Capital. Our customers, partners, and employees also joined. This vote of confidence is an incredible boost for the whole team.
Farseer’s journey started in 2016. The intent was to solve own planning problems in a telecom company. Approximately 70 people “collaborated” in unwieldy and large Excel files. We managed the process and edits by email and sporadic meetings in the hallways.
Spreadsheets were never meant to handle the complexities of corporate financial processes. It’s basically spaghetti code that ignores all the lessons learned from the relational databases: data normalization, types, constraints, and integrity constraints. Add a bunch of people and you get a recipe for disaster. We knew that there must be a better way.
In 2019, we started with customer development and market research. The pain point was glaring and not served by existing solutions. The EPM (Enterprise Performance Management) solutions never reached mass adoption. Their TCO was huge and the user experience was hostile. After implementing it, people seemed to regress to Excel.
SME solutions were not a good fit for real-world models. The majority of models are data-heavy and have a lot of exceptions. These solutions specialized in specific models or parts of the planning process. They could never replace Excel.
Seemed that we as a civilization hadn’t come up with anything better than spreadsheets. That felt like a true call to mission. What if we could build a solution that had the flexibility of a spreadsheet and the power of enterprise solutions?
Farseer started with little things like a collaborative spreadsheet for building driver-based models. +User permissions. +Timeline and versions. +UI database to ensure the referential integrity of spreadsheets.
With time, we built more advanced technology and concepts. With the sole purpose of making the lives of our customers easier. We now support some of the most famous brands in automating huge chunks of their FP&A work.
Spreadsheets are wasting so much human potential. Bright young finance people are spending 70% of their time in ctrl+C, ctrl+V mode. Preparing, cleaning, assembling, and debugging spreadsheets.
Farseer empowers everyone to create models and analyze numbers. We do it with the highest accuracy, real-time performance, and manual work asymptotically approaching zero.
Spreadsheets aren’t going away anytime soon. But the following things capture the zeitgeist.
People don’t want to work on stupid and menial tasks.
Users want autonomy and intuitive enterprise software.
Companies must plan and report on multiple scenarios in almost real time.
We are riding these waves to create the evolution of spreadsheets. Financial planning is only the first class of problems we’re solving. Our vision is to become a synonym for financial modeling.
If you want to join us on our journey as an employee, customer, or partner - reach out.
In the pre-seed and seed round, we were also backed by angel investors. Our customers, partners, and employees also invested. Our angel investors are formidable founders with previous exits, financial experts, and CFOs.