Vareto, a US-based financial planning and accounting (FP&A) software provider, emerged from stealth on Friday with $24m in funding from investors including GV, a venturing subsidiary of internet and technology conglomerate Alphabet.
GV led the company’s $20m series A round, which also featured venture capital firm Menlo Ventures and some 40 undisclosed angel investors. Menlo Ventures had reportedly led Vareto’s $4.2m seed round in mid-2020.
Founded in 2020, Vareto provides a software platform enabling businesses to handle all their financial accounting activities in a single place, allowing for seamless work across teams. It will use the funding to grow its product and engineering teams.
The angel investors in the round are understood to include social media company Facebook’s chief financial officer, Dave Wehner, as well as enterprise software provider Salesforce’s president, Mark Hawkins, and Manik Gupta, a vice-president at software provider Microsoft, according to TechCrunch.
Kat Orekhova, co-founder and CEO of Vareto, said: “We founded Vareto because we want to help companies operate better and we believe this is possible only when reporting is automated and planning is streamlined.
“This is the only way that finance and executive teams can focus on driving the company forward rather than looking in the rear-view mirror. We are thrilled that GV and Menlo Ventures share in our vision and are joining us as we build an enterprise-grade finance platform with consumer-grade delight.”
