Hi HN!
I’m Rami, cofounder of Finmark (https://finmark.com/). We make it simple for companies to manage their runway, hiring, and cash.
Three years ago a bad financial model almost killed my last company. A miscalculation in our behemoth of a financial model led us to overestimate the amount of cash we had coming in, and in turn, to overspend. When we finally discovered the error after 5 months, we were forced to shift from aggressive hiring to aggressive cost cutting and had to lay off employees.
We were able to course-correct and sold the company successfully in 2019, but I kept coming back to how difficult and time-consuming financial modeling is for founders. So after taking some time off to recharge post acquisition, I pulled my old team together to start Finmark.
We built Finmark so all founders, not just finance pros, can easily create, update, and share custom financial models without having to spend weeks laboring over complex spreadsheets. While the flexibility spreadsheets afford is great, they are also susceptible to human error, challenging for collaboration and version control, and time-consuming to create and maintain.
Finmark takes complex financial concepts and calculations, distills them down into a simple dashboard, and makes it easy for startups to create and share their financial plans, manage burn rate and cash, forecast revenue and expenses, and plan for fundraising
Finmark is modular, so rather than using a template that might not be a great fit for your startup, you’re building a completely custom model based on your individual business needs. Finmark integrates with your entire stack to reconcile your actuals without manual data entry. It is also very easy to create, compare, and share as many different scenarios as you’d like, e.g. a base plan, upside plan, and downside plan.
Since launching in Fall 2020 we’ve had over 1,000 companies sign up for our waitlist, and have onboarded over 400 companies so far.
Subscriptions start at $25/month and increase based on a company’s monthly revenue. You can check out our pricing calculator here: https://finmark.com/pricing/
We are skipping the waitlist for anyone signing up from HN. Follow this link for a 30 day free trial: https://hubs.li/H0Fc7Ss0. We're looking forward to your comments and are eager to hear your feedback on Finmark and your experiences with financial modeling in general!
At my last startup we had a lot of pain points around financial modeling, and it felt like 80% of the work we were doing in our models was the exact same thing that every other startup was doing, all so that we could model the last 20% that was truly unique to our business. It was also very hard to keep these models up to date, test out multiple scenarios, share models with investors without them immediately going stale, etc. I think there's also a great opportunity for you to look at the data from different startups in order to help give guidance re: best practices (e.g., "80% of startups in your category have a lower conversion rate than you - consider adjusting your expectations").
I've actually considered working on this problem myself, but TBH I have some concerns about the business model (e.g., I think it's going to be challenging to get startups to pay a significant amount of money for this on a recurring basis). I'm happy to see that someone is working on it though, and I'll be rooting for you guys!