Scaleup Finance has announced an $8million (£6.4million) pre-Series A round to ‘solve the challenge of financial management’ for startup and scale-up companies.

Led by Inveready, alongside Crowberry Capital, Seed X, PROfounders, Fin Capital and CircleRock Capital, the funds will be used to help drive continued growth in the UK and prepare for future expansion into the US.

Scaleup Finance enables startups to streamline financial planning and analysis, automate financial reporting and navigate the complexities of financial management with ease. Launched in Denmark in 2021, Scaleup Finance expanded into the UK market in 2022, achieving a 1,000% growth within the year.

Co-founder and CEO Alexander Sonne Wulff said: “As founders ourselves, we have experienced the frustration of trying to build a reliable finance function with limited resources. Having a finance set up in place that is backed up by reliable data is crucial when trying to satisfy the demands of board members and investors – so it’s important to get right. With Scaleup Finance, founders now have a platform that automatically delivers the data and insights your stakeholders need, whilst enabling them to spend more time on building and growing their business.

“Our vision with this round is to create a digital finance home that empowers founders and finance professionals to fully understand the data that drives their business performance.”

Aniol Brosa, Partner at Inveready, who led the round, added: “We are delighted to be supporting Scaleup Finance as it continues its impressive growth journey. The need for a new generation of financial management for startups and scaleups has never been more apparent, making this an extremely exciting time for the team. With this investment, Inveready has further strengthened its position in Europe.”

Alongside their financial management platform, Scaleup Finance also offers fractional CFO services to provide ongoing support and ensure the best financial decisions are taken.

One of the UK companies Scaleup Finance partners with is Trust Keith, the all-in-one data protection management solution for tech-scaleups. Founder and CEO Rory Codrington commented: “Understanding and reporting on financial metrics are fundamental in turning a great idea into an even better business. Scaleup Finance has helped us build a finance management function that is tailored to our business, giving us the confidence to focus on doing what we do best.”