Redwood City, California-based Planful Inc, a financial planning and analysis cloud platform provider, has raised an undisclosed amount of funding. Vector Capital led the round with participation from StarVest Partners and Monroe Capital.
REDWOOD CITY, Calif., June 25, 2020 /PRNewswire/ — Planful Inc. (formerly Host Analytics), a leading financial planning and analysis (FP&A) cloud platform provider, today announced that the company has raised an equity round led by Vector Capital, a leading global private equity firm that specializes in transformational investments in established technology businesses. The equity round also included existing investors StarVest Partners and Monroe Capital.
Planful expects to use the proceeds to meet growing global demand for its cloud-based FP&A solution and interest in its Continuous Planning vision.
Planful has seen a marked increase in the use of its platform by existing customers, including Bose, the Boston Red Sox, and Del Monte, as businesses rapidly analyze various factors affecting performance and run more frequent forecasting scenarios using Planful’s intuitive platform. With a Continuous Planning approach, Planful customers can compress cycle times and facilitate faster collaboration with increased process and data connectivity throughout every corner of the organization, increasing agility and enabling faster, more confident planning and decision-making.
“We live in an increasingly dynamic world and the traditional planning process with spreadsheets and annual budgets no longer works for modern businesses,” said Luis Martinez Luna, Senior Financial & Business Analyst at Bose, a manufacturing company that predominantly sells audio equipment. “With Planful, we’re able to ensure there is connectedness across the business throughout the planning process, giving us a single source of truth that is flexible enough to serve all units of our business, regardless of the economic climate.”
Planful CEO Grant Halloran said, “The COVID-19 pandemic has been a stark realization for many businesses that the need to modernize the back office is critical. We’ve seen a significant increase in demand for our platform over the past several months and have the capital backing to expand our team and go-to-market capabilities, as well as accelerate our product roadmap. Our recently announced Planful Now offering enables businesses to be up and running in 30 days or less, realizing the value of our solution more quickly than ever before.”
Planful is a leading financial planning and analysis (FP&A) cloud platform. Planful delivers a vision of Continuous Planning by accelerating the end-to-end FP&A process and fostering business-wide participation in agile planning and decision-making. More than 800 customers including Bose, Boston Red Sox, Del Monte, TGI Friday’s, and 23andMe rely on Planful for financial planning and budgeting, dynamic operational planning, financial consolidations, reporting, and visual analytics. Planful is a private company backed by Vector Capital, a leading global private equity firm specializing in transformational investments in established technology businesses. Learn more at www.planful.com.