LiveFlow, a start-up co-founded by former Web Summit software engineer Evan O’Brien, has just raised $3.5m in seed funding to build an automated finance platform for companies.
The seed funding comes less than year after the London-based company was started by Irishman O’Brien along with Revolut alumni Anita Koimur and Lasse Kalkar.
The round was led by Moonfire Ventures, which was established by former Atomico partner Mattias Ljungman and launched a $60m fund earlier this year targeting young European start-ups. Other investors included Y Combinator, Seedcamp and WndrCo.
LiveFlow has also bagged investments from some big names including Klarna co-founder Victor Jacobsson, VP of product at Google Bradley Horowitz, and former VP of international expansion at Airbnb Oliver Jung.
CTO Evan O’Brien, CEO Lasse Kalkar and COO Anita Koimur. Image: LiveFlow
The start-up aims to build tools that help companies streamline and accelerate their financial management by giving finance teams real-time insight and reports from the significant amounts of data that would otherwise be processed through tools like Excel and Google Sheets.
The LiveFlow platform can sync real-time data from accounting services, banks and payment platforms into custom reports. It automates workflows, consolidates company accounts and lets users collaborate with their whole team in real time.
“In my previous companies, I felt the frustration of manually pulling together financial reports. That’s where the idea for LiveFlow came from,” said Kalkar, who is the CEO of LiveFlow and previously worked as head of growth for the Nordic region at Revolut.
“I’ve always wondered why there isn’t a better solution for this, so I started talking with CEOs, finance teams and founders, and it soon became clear that everyone needed much greater control and efficiency – all in one place.”
In less than a year, LiveFlow has gained clients including Ascent CFO, CFO Minded and Tiny CFO, as well as some tech start-ups from Y Combinator.
Koimur, who is the COO of LiveFlow, said that the start-up’s long-term vision is not just to build a finance tool but to help companies “create internal transparency and collaboration” around their finances.
“We believe companies can increase employee loyalty, and internal alignment by keeping the finances open. Netflix is a great example of a company that has done this well, and we want to help other companies do the same,” she said.
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