- PlanDeltaBulgarian startup for agile financial planning relaunches €2.3 million in a round led by the international VC in the early stage Global RTPwhich has supported companies in the ranks of SumUp and Delivery Hero.
- The round is joined by 17 angel investors from Bulgaria, the UK, Germany and the US, many of whom are current investors in Bulgarian fintech firm Unicorn Payhawks. Among the investors is Konstantin Dzhengozov, CFO and co-founder of Payhawk.
- PlanDelta will use the investment to fund the commercial launch of its first module in early 2023 and to expand its team in the UK, the Netherlands and Bulgaria.
The investment comes exactly one year later PlanDelta’s first €350,000 pre-seed round in November 2022, led by Sofia-based VC Eleven Ventures. In 2022, the Bulgarian startup saw strong customer validation and active investor interest.
“It wasn’t our initial idea to raise money right after we closed our pre-seeding round. However, we were approached by many international VCs who were well aware of the opportunities in our market. We validated our product-market fit with an MVP, and while we had no revenue, we were able to gain investor trust due to the strong market validation we received,” Martin Milanov, Co-Founder & CEO by PlanDelta, comments on the startup’s most recent traction.
With a mission to enable SMBs to budget as agilely and collaboratively as project management tools do, PlanDelta is now focusing on launching its solution for agile financial planning based on business needs, strategies and initiatives. The startup develops the first financial planning and analysis (FP&A) platform by reducing time to value (a metric that measures the amount of time your new customers spend getting value from your product or service) to just one day.
“PlanDelta is a game-changing experience for companies with dynamic financial planning needs, offering very fast and easy onboarding to start using the solution,” says Konstantin Dzhengozov, CFO and co-founder of Payhawk.
Bridging the gap between strategic planning and flexible financial budgeting
As Milanov explains, Finance Managers want to work with Excel because it gives them all the freedom, but spreadsheets aren’t efficient as organizations get bigger and budgeting becomes more complex. On the other hand, agile financial planning software addresses the problem with scalability but leaves no room for financial maneuver.
“With such strong support from top investors like RTP Global and the mentorship of our 17 Angels, we believe we have a fighting chance to make a dent in a multibillion-dollar and expanding financial planning and analysis market. In the near future, we believe there will be a definitive product that combines the accessibility and flexibility of Excel with the agility and modern look of project and business planning tools. The end result will be a modern, accessible platform for expanded planning that will break the silos between strategic and financial planning. We know how to get there and this ongoing round boosts our confidence,” Milanov underlines.
According to Alex Pavlov, partner at RTP Global, there is a demand for flexible funding tools in the market as most organizations with an FP&A platform still end up using spreadsheets. He believes PlanDelta offers an alternative as it helps fast-growing companies simplify their financial planning and make their business and financial plans work together.
Time to evaluate in less than a day
Unlike other FP&A solutions, which take weeks to implement, PlanDelta claims to give finance managers access to actionable insights within 24 hours. “We are able to reduce time to value to less than a day, which is an essential part of ensuring a quality customer experience. Furthermore, contrary to our competitors who position themselves as Excel replacements, we allow finance managers to continue using Excel as it is a tool deeply rooted in every organization”, explains the CEO of PlanDelta.
The road to success with PlanDelta’s agile financial planning tool
The startup will begin its business operations in early 2023, with the launch of its first module called Management Accounting. This module will enable finance teams to consolidate their payroll and finance data from a random accounting or enterprise resource planning (ERP) system globally, map it into a format for management reporting purposes, and activate it.
The second module of PlanDelta, called Financial Planning, is expected to be released for commercial use in mid-2023. It will allow finance teams to start building plans and budgets consistent with the management structure they have already created within PlanDelta.
“The road to success sees us becoming one of the fastest growing scaleups in Central and Eastern Europe over the next 2 years and we are already taking on more functions in our team to make it happen,” says Milanov.
Over the past 12 months, PlanDelta has hired 12 people in Sofia, the UK and the Netherlands and plans to grow to more than 30 employees by the end of 2023 as it prepares for a strong market entry. The company will launch in the UK, the Netherlands, DACH and the Nordic regions.