Causal, a London, UK-based app for teams to work with numbers, raised $4.2m in seed funding.
The round, which brought total funding to $5.5m, was led by Accel, with participation from existing investors Coatue, Passion Capital, Verissimo Ventures, Naval Ravikant, Varadh Jain and others.
The company will use the new capital to grow the engineering team and take the product to market.
Today, spreadsheets are used by almost every company worldwide to crunch numbers and make business decisions. While finance teams live inside financial models, multiple teams across organisations are now becoming increasingly quantitative. Sales teams need to forecast their pipeline, marketing teams need to build growth strategies, and engineering teams need to plan their cloud spend. However, spreadsheets haven’t evolved over the last 40 years – cryptic formulas prove difficult to work with, they’re disconnected from a company’s data sources (accounting system, CRM, payments processor), and static outputs hinder collaboration. Spreadsheets just don’t meet the needs of today’s data-driven, collaborative workforce.
Founded in 2019 by Taimur Abdaal and Lukas Koebis, Causal provides team members with an app to set up their model and connect their data through integrations with Stripe, QuickBooks, Salesforce to name a few, charts and reports can be generated quickly. When users are done, Causal lets them share their model in an interactive dashboard where teams can collaborate in order to better understand the models themselves.
Targeting 100 – 500 person companies, today, Causal is used by teams across the spectrum of organisations’ departments – from finance, HR, and sales to marketing, engineering and product.
The company will be officially launching the product on Product Hunt next month.