Today we’re excited to share Trace has raised $8.3M from Greylock and Uncork Capital, with support from Redpoint Ventures, Nyca Partners, and FOG Ventures. We’re also lucky to have the support of extraordinary entrepreneurs in enterprise software and fintech, including our angel investors Aaron Levie (Box), Josh Reeves (Gusto), Lars Dalgaard (SuccessFactors), Henry Ward (Carta), and Charlie Songhurst (Microsoft).
Collaborative SaaS has made it possible for teams to work with one another in powerful new ways that enhance productivity and lead to better outcomes. Designers rely on Figma, engineers depend on GitLab, legal teams use Ironclad, the list goes on. One team has been left behind during this new wave of collaboration: finance.
Trace is the first service desk for finance, allowing people to collaborate on the financial decisions that matter to the health of the business --like budgeting, hiring, and spending. With collaborative workflows, automation, and analytics tools, Trace creates a one-stop-shop for budget owners, hiring managers, and employees. Not only can they manage their purchases and hires, but also immediately see the impact of those investments on their budget.
With better, automatically collected information from the business, finance can:
- Gain visibility into a real-time committed forecast for improved decision making
- Connect the dots between budget, procurement, and actuals data in one place
- Become the self-service source of truth for spending
"Every CFO working at a high-growth company wants to improve how they collaborate with other stakeholders. Trace has built the first platform for Finance Service Management, a transparent single source of truth that serves both budget owners and the finance team. We expect it to be as revolutionary for financial operations as IT Service Management was for IT." – Sarah Guo, General Partner, Greylock.
In the past, finance leaders would spend weeks creating in-depth financial plans and projections, but the feedback loop was broken; they had no visibility on performance until transactions were recorded in the ERP months later. Using workflows and collaboration, Trace makes forecasts and strategies real-time and actionable, allowing everyone to understand progress, stay on the same page, and make better-informed decisions. When finance teams provide better service to business partners, everyone in the business benefits.
“If your finance team is consistently in reactive mode, it’s a problem. Trace works to get Finance out of the dark with better collaboration and integrates with your finance tech stack to drive new levels of finance productivity and insights. When operators like Mike Gonzalez start companies, there’s a deep understanding of the problems CFOs face and we’re building a community of support to help them succeed.”
– Casey Woo, 5-time CFO, Partner at FOG Ventures, and co-founder of Operator’s Guild
Our founding team has seen firsthand the pains and pitfalls that finance teams face during hyper-growth, fundraising, turnarounds, and the endless other circumstances a business can face. While I was leading finance at Zenefits, it was a struggle to establish operating excellence through hyper-growth. Processes took a backseat to speed, which in turn led to a lack of organized data and poor visibility. This operational debt caught up to us during our restructuring. Through it all, it became clear that finance is most effective when it's empowering and supporting the rest of the company as a trusted partner. I would have loved to have a tool to orchestrate team processes and provide visibility, which is why we decided to start this journey to build Trace.
"Trace was founded by a world-class team with finance and collaboration deeply embedded in their DNA. They know what next-gen finance leaders are missing, and have the talent, experience, and vision to deliver a solution that’s sure to be invaluable to businesses everywhere."
– Jeff Clavier, Founder & Managing Partner, Uncork Capital
This is just the beginning for us as we progress towards our vision of improving the financial health of all businesses so their people can thrive. We’re building a world-class, purpose-driven team with both end-user and enterprise DNA, from top companies like Facebook, Box, and SAP. We’re building a community for finance peers to support each other’s success and growth, and we’re committed to ensuring that community thrives. We’re currently hiring individuals that are passionate about solving tough problems and helping companies achieve more through collaboration and better decision making. Check out our careers page to learn more.
If you’re interested in learning more about the product or trying us out at your own company, contact Trace at sales [at] tracehq [dot] com.