Runway lands $27.5M to streamline financial planning for businesses

News Summary

  • It brings the company’s total raised to $33.5 million, following a previously undisclosed $5 million seed round led by Andreessen Horowitz.“As a product that helps businesses understand their financials and plan better, we are in the fortunate position of being a counter cyclical product,” Chen said.
  • But it’s also true that there are other platforms that accomplish — or at least claim to accomplish — much the same thing.Consider Dougs, which handles a company’s financial statements and generates certified tax filings, connecting bank accounts so that the platform can automatically generate reports and invoices.
  • “Making the business more accessible to folks outside of finance helps companies create context over control, giving them a huge competitive advantage.”Now, is it true that Runway accomplishes all that?
  • And it’s something he felt self-conscious about.“I’ve always thought it was something for ‘real business people’ and I could just go and do what I enjoyed, which is product and engineering,” he told TechCrunch in an email interview.
  • So he started Runway, which aims to replace spreadsheets with “intuitive” financial modeling, planning and reporting workflows.“Runway is the first strategic management platform for modern, high-growth technology companies,” Chen said.
  • Other rivals include Pigment and Mosaic.Runway seemingly hasn’t had trouble attracting business, though, from customers including Superhuman, Stability AI and Chen’s old stomping ground, Sandbox VR.
Cristbal Valenzuela, the former president of Sandbox VR, the brickandmortar VR experience franchise, didnt always have a strong grasp of finance. And its something he felt selfconscious about. [+3635 chars]