KYIV, Ukraine — January 24th, 2023 — Fuelfinance, a company making software for financial management and planning in startups announced it raised $1M in Seed Funding. Investors include two CEOs of unicorn companies, with Bolt’s Markus Villig, and SendBird’s John S. Kim, as well as San Francisco-based Stratmind and Eastern Europe-focused Bad Ideas funds.
Fuelfinance replaces the most mundane work of startup founders and financial teams, with its suite of tools which streamline financial management from bookkeeping to producing reliable P&L statements, and then – financial planning scenarios, and economics, and dashboards. This allows management teams to make decisions based on reliable data and stop wasting days on manual spreadsheet-fighting.
Fuel team is implementing financial best practices learned from serving hundreds of clients in financial consulting into its software, while using robust and familiar Google Spreadsheets as a front-end to display the information. This allows the team to offer a product previously unavailable to early-stage companies – while similar financial or ERP systems start with $100k/year and may take a year just to implement them, Fuel’s services start with as little as $999/month and only take 1-2 months to be up and running.
Watch Fuelfinance explainer video:
“38% of startups die because of running out of cash, — says Alyona Mysko, Fuel’s CEO and Co-Founder. — That is insane. Imagine we were throwing out 38% of food or any goods we produce. Fuel’s mission is to save companies from financial mistakes that should not have happened. If we succeed in that — we can not only save a good chunk of GDP, but for some people — save their life’s work, and avoid a lot of personal drama.”
“Fuel’s Net Promoter Score of 87 was among the things which impressed me the most — John Kim, angel investor and the CEO and founder of Sendbird, says. — As a founder, I know first hand, how critically important proper financial reporting and planning are for any business. This team, the market, and their approach to the product make me believe the future of financial management will be much brighter for the early stage companies than it used to be for me”
Fuelfinance has been a bootstrapped and profitable business for the last two years, with a few dozens of clients, including Reface – a viral social app, a few YC-backed startups such as Petcube and Awesomic, and other clients totaling over $200M in P&L under management.
Fuel was founded by two Ukrainian entrepreneurs, Alyona Mysko and Yaroslav Azhnyuk, with Ukrainians comprising most of the team, while the company’s biggest market is in the US. Despite the Russian invasion of Ukraine, the founders and many team members have remained in Kyiv and other Ukrainian cities and were able to triple the business in 2022 in an act of defiance to Russian aggression.
Fuelfinance makes software for financial management and planning in startups. It provides a powerful suite of tools and a personal touch of its financial success managers, that can replace an ERP system and a financial department for a fraction of the cost — an option which was not previously available for Seed or Series A-stage startups.
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