Causal, a London, UK-based collaborative platform for financial modeling that is attempting to change the tide, raised $20 million in funding.
The round was led by Coatue and Accel, with participation from angel investors, including Yelp CEO Jeremy Stoppelman, FTX CEO Sam Bankman-Fried, Notion COO Akshay Kothari, and Brex CRO Sam Blond. Existing investors include AngelList co-founder Naval Ravikant and Adobe CPO Scott Belsky.
The fresh capital will enable the company to hire rapidly, with plans to grow from 12 employees to 50 globally by the end of 2022.
Taimur Abdaal, CEO and co-founder of Causal, said: “Despite being used every day across the globe, spreadsheets haven't fundamentally evolved over the past 40 years. Spreadsheet models are hard to build and maintain, disconnected from the rest of a company’s tech stack, and actively hinder collaboration across teams. We’re building a next-generation tool to solve these problems.”
The company aims to democratize business planning and make it accessible to every team in a company, beyond just the finance team. The platform empowers anyone in a company to build, share, and understand financial models—the numbers that drive their business decisions.
Causal lets users create cloud-based financial models, connect them directly to live data wherever it's stored, and share them through interactive dashboards with beautiful visuals.
Company: Causal, Inc.
Raised: $20.0M
Round: Unknown
Funding Month: January 2023
Lead Investors: Coatue and Accel
Additional Investors: Jeremy Stoppelman, Sam Bankman-Fried, Sam Bankman-Fried, Akshay Kothari, Sam Blond, Naval Ravikant, and Scott Belsky
Company Website: https://www.causal.app/
Software Category: Business Intelligence (BI) Software
About the Company: Founded in 2019 by Taimur Abdaal and Lukas Köbis, Casual is a business planning platform that performs calculations, visualizes data, and communicates with numbers. Casual builds financial models effortlessly, connect them directly to your data, and shares them with interactive dashboards and beautiful visuals. The company's platform is based on the visual modeling user interface to interact with electronic devices through graphical icons and audio indicators, enabling businesses to make predictions of future analysis based on past and present data. Casual helped hundreds of companies streamline their FP&A processes.
Source: https://tech.eu/2022/03/25/keeping-it-casual-london-based-platform-raises-20-million-to-replace-clunky-and-outdated-traditional-spreadsheets