Place Technology, a leading financial software provider for SaaS and professional services companies, has successfully completed a $2.5 million seed extension funding round. Geekdom Fund, a top-performing venture capital firm, led with a follow-on investment. The remaining balance came from additional investments from new and existing angel investors and investors from crowdsource platform WeFunder. This now brings the fast-growing startup to over $6 million raised.
Launched in 2020, Place Technology has been recognized by leading industry analysts as “Best New Vendor 2021” in the corporate performance management category with an “Outstanding” rating. Customers have also rated Place as a Top Five solution in the “Budgeting & Forecasting Software” category on independent review site G2.
With nearly 400% recurring revenue growth in the past twelve months, the company is looking to capitalize on its momentum by raising this funding round to triple the sales team, increase brand awareness, and continue to rapidly expand its product offerings.
“In 2020 we focused on defining customer love, ensuring product fit, and building our processes, team, and culture. Now in 2021, we are focused on maintaining customer love, ramping sales and marketing, and ongoing product enhancements,” said Brandon Metcalf, founder and CEO. “The corporate performance management category has seen more than $3B of investments in the past year. We are thrilled to be part of this evolution and the positive business outcomes that we deliver for our customers. This funding round will help us to prepare for scaling the business in 2022.”
Place continues to release new and innovative features designed specifically for technology and service companies. Customers have seen faster growth, capital efficiencies, and increases in company value. The company recently announced its latest suite of product enhancements, including multiple forecasts, ASC 606 compliance, and enhanced integrations.
Mike Troy, managing director of Geekdom Fund, said, “When we look for new investments we focus on one thing above all else: team. In our experience, seed-stage investing comes down to a bet on the team. It’s one of the reasons that investors love repeat entrepreneurs, but it isn’t every day that you find repeat entrepreneurs who can leverage their past experience as directly as Brandon and Kabe.”
Troy goes on to say, “Place is solving a big problem that is well understood. The forecasting capabilities of popular accounting software are notoriously awful leaving no option but to forecast in spreadsheets – a time-consuming, disjointed process that is far from real-time. To solve this problem the team has done a great job of building a highly differentiated product on the Salesforce Platform with a steady pace of new customers and is very sticky. When you have a great team solving a big problem in a market that is growing quickly, you have a recipe for outsized returns.”
About Place Technology
Founded in 2018 by serial entrepreneurs Brandon Metcalf and Kabe VanderBaan, Place Technology is the modern finance platform for technology and service companies. Place Technology’s core solution, PlaceCPM, streamlines finance processes and produces financial forecasts and reports with greater business impact in less time. Armed with connected live data and an arsenal of accurate, on-demand reports and dashboards that combine accounting and finance with the business, companies can improve operational efficiency and enhance profitability. For more information, visit www.placetechnology.com.