Causal secures $20m in Series A funding led by Coatue and Accel to develop its platform
The London-based financial modelling startup has raised $20m from Coatue, Accel, and prominent angel investors to scale its team and product.
≈ £15.2M at $1 = £0.7582 on 25 Mar 2022
Causal provides a collaborative financial modelling platform designed to replace traditional spreadsheets. The London-based company enables teams to build interactive forecasts and connect live data sources.
Causal has secured $20m in Series A funding to develop its financial modelling platform. The round was led by Coatue and Accel, with participation from Sam Bankman-Fried alongside high-profile angel investors including Jeremy Stoppelman, Akshay Kothari, and Sam Blond.
The London-based startup plans to scale its headcount from 12 to 50 employees by the end of 2022. The fresh capital follows rapid customer acquisition, with the business having expanded its client base by 30% month-on-month over the previous year.
The company previously raised $4.2m in seed funding. Causal aims to modernise corporate planning by allowing users to write formulas in plain English and connect models directly to live company data.
From the founder
"Despite being used every day across the globe, spreadsheets haven't fundamentally evolved over the past 40 years. Spreadsheet models are hard to build and maintain, disconnected from the rest of a company's tech stack, and actively hinder collaboration across teams. We're building a next-generation tool to solve these problems, and are delighted that Coatue and Accel have led our Series A to take the company into the next stage of growth."
Taimur Abdaal
Co-founder at Causal
Investor perspective
"From the moment I started working with Taimur, Lukas and the team at Causal, I could tell that they understood the problems that companies face when it comes to relying on spreadsheets siloed in the finance team. We think they have a novel product that's going to make number-crunching fast, collaborative, and accessible. I'm looking forward to working closely with the team."
David Cahn
Partner, Coatue
Use of funds
- 01Grow the team
- 02Continue product development
