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Cube Closes $30 Million Series B Led By Battery Ventures

·3 min read

Leading companies including Acorns, Masterworks, and Truepill rely on spreadsheet-native FP&A for holistic business planning

NEW YORK, June 15, 2022 /PRNewswire/ -- Cube today announced it raised a $30 million Series B funding round led by Battery Ventures. Existing investors Mayfield Fund, Bonfire Ventures, and Operator Collective participated in the round, along with new strategic investor GTMfund. This round brings the company's total amount raised to $45 million.

Especially in unstable times, companies must strike a careful balance between growth and operational efficiency to stay ahead of changes, making the role of the CFO more strategic than ever. Unfortunately, more than 80 percent of finance teams still manage all of their financial planning and analysis (FP&A) in manual spreadsheets, hindering their ability to move at the pace of changing market conditions.

As companies of all sizes prioritize efficiency, Cube is the first spreadsheet-native FP&A platform that helps finance teams build multi-scenario plans, track performance, and stay ahead of changes using the spreadsheets they've come to rely on.

"In today's market, cash and runway are key to survival—and both require quick action and extensive, holistic planning," said Christina Ross, CEO & co-founder of Cube. "But CFOs lack the basic tools to move fast, which can make or break a company. Finance teams today are forced to choose between two insufficient options: stay the course and make do in manual spreadsheets, or rip and replace spreadsheets for software with long, disruptive implementations. Cube offers a new approach that augments the spreadsheet with a purpose-built FP&A platform. The result: customers can quickly and confidently plan for the unexpected and make better business decisions this month instead of waiting until 2023."

With the new financing, Cube will invest heavily in hiring and driving go-to-market plans. The company will also accelerate product development of its spreadsheet-native platform as businesses usher in a new era of holistic and collaborative planning across all departments.

Battery Ventures General Partner, Michael Brown, will join Cube's Board of Directors.

"In every board meeting, investors are asking executives to make smarter decisions about spending, but most CFOs are unable to adapt given the fast pace of today's market," said Brown. "Cube is precisely what finance leaders need to think and act strategically during this time of market uncertainty when a 'Plan B' isn't good enough. By meeting finance users where they live every day—in the spreadsheet—Cube not only makes their jobs easier, but also makes them better partners to their CEOs. We're excited to play a role in Cube's next growth chapter."

Today's announcement comes on the heels of unprecedented growth for Cube, marked by a 5x increase in ARR. In the last year, the company has also added a number of forward-thinking companies to its customer roster, which includes Acorns, Hinge Health, Masterworks, Truepill, Wealthfront, and more.

ABOUT CUBE

Cube is the first spreadsheet-native FP&A platform that helps strategic finance teams build multi-scenario plans, track performance, and drive business decisions using the spreadsheets they've come to rely on. By integrating FP&A automation and workflows into the tools users live in every day, including Excel and Google Sheets, Cube enables teams to quickly and confidently plan for the unexpected and stay ahead of changes. To learn more, join Cube's community Strategic Finance Pros on Slack or visit cubesoftware.com.

ABOUT BATTERY

Battery partners with exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure, online marketplaces, healthcare IT and industrial technology. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from six strategic locations: Boston; San Francisco and Menlo Park, Calif.; Herzliya, Israel; London; and New York. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery's portfolio companies here.

Cision
Cision

View original content:https://www.prnewswire.com/news-releases/cube-closes-30-million-series-b-led-by-battery-ventures-301568496.html

SOURCE Cube Software