Dice, a startup that wishes to assist corporations “plan their monetary future,” has raised $30 million in a Sequence B funding spherical led by Battery Ventures.
Current backers Mayfield Fund, Bonfire Ventures and Operator Collective participated within the financing, together with new strategic investor GTMfund. The spherical brings the corporate’s complete quantity raised to $45 million since its 2018 inception. It declined to disclose its valuation.
Christina Ross, Dice’s CEO and co-founder, informed TechCrunch she got here up with the concept for the startup after working in CFO or head of finance roles at Eyeview, Criteo and Hire the Runway. These experiences gave her insider perception into the challenges of conducting monetary planning and evaluation.
She describes Dice’s providing as FP&A (monetary planning and evaluation) software program that pulls information from completely different programs and spreadsheets of an organization’s system “to allow them to plan rapidly — throughout instances the place pace is of the essence.”
And whereas Ross declined to disclose onerous income figures, she stated that ARR has grown 5 instances — or 400% — up to now 12 months, as the corporate has added new clients corresponding to Acorns, Hinge Well being, Masterworks, Truepill and Wealthfront.
Dice is sector agnostic and works with small startups to giant publicly traded corporations, Ross stated. Demand for Dice’s software program was excessive in 2021, in response to Ross, when there was “limitless capital” accessible to corporations. However it may be simply as precious throughout a downturn, she stated.
“We view Dice as a defend throughout instances which are much less steady, like now, the place immediately this world of limitless capital has been changed by phrases like burn price and runway and EBITDA,” Ross informed TechCrunch. “Now it’s about going again to enterprise fundamentals and groups are saying, we don’t simply want a plan A. We’d like a plan B, a Plan C and a Plan D.”
Ross informed TechCrunch that Dice focuses on serving to finance groups “improve the workflows they’ve change into accustomed to.” By workflows, she is referring to spreadsheets. And it’s a story that runs counter to the flurry of startups we’ve seen as of late addressing the identical drawback with the purpose of changing spreadsheets.
That strategy, in her view, isn’t lifelike as a result of so many finance groups are merely used to, and aware of, Excel and Google Sheets. In reality, she describes Dice’s strategy as “spreadsheet native.”
Making an attempt to combine programs which are designed to switch spreadsheets, Ross believes, can backfire as a result of implementation can take so lengthy and be so disruptive that it places corporations behind.
“Dice might help corporations do with a button click on what it might beforehand take days or perhaps weeks,” she stated. “We might help them do extra sooner.”
It might probably additionally assist corporations pivot and run multiscenario plans “in time to adapt to foreseen market modifications and plan for layoffs and headcount reductions,” she added.
“We are able to onboard clients so rapidly, as a result of we have now the spreadsheet native strategy. We are able to get corporations reside in days or perhaps weeks,” she stated. “And these days, the distinction between zero and 6 months is the distinction between life and demise, so corporations can’t afford to take too lengthy to resolve these challenges.”
Battery Ventures normal accomplice Michael Brown believes that FP&A software program is a big market however that almost all of current gamers supply “clunky” expertise.
“Most FP&A software program requires customers to study a completely new system, all whereas sustaining current spreadsheet fashions and forecasts,” he informed TechCrunch. “Dice, however, empowers finance groups to maintain working inside their much-loved spreadsheets whereas leveraging the facility of a knowledge warehouse and highly effective, automated software program that helps them do their jobs higher.”