Farseer, a Croatia-based B2B SaaS, announced a $7.2 (€6.07) million Series A, with AYMO Ventures leading and existing investor SQ Capital reinvesting. The round comes 18 months after the company raised $1.5 (€1.26) million in seed funding in February 2023.
Farseer’s software automates up to 90 percent of manual tasks in financial planning and analysis (FP&A) for mid-market and enterprise clients, replacing Excel and Google Sheets in use cases where spreadsheets fail.
“Excel on steroids”
Co-founder and CEO Matija Nakić wrote in the announcement, “I guess Farseer is a ‘Series A company’ now,” explaining the company’s origin:
“We started Farseer in 2020 after living through the ‘Excel as a source of truth’ lie firsthand. ~80% of companies still plan in Excel, and enterprise planning tools are often expensive, slow to implement, and… not loved by humans. So we built something modern, fast, flexible, and actually usable.”
The founding team (Nakić, Zrinko Dolić, Luka Mijatović, and Matej Trbara) began developing the product in 2016 while working at a telecom company, where more than 70 people tried to collaborate through unwieldy Excel files. By 2019 they entered a startup incubation program, and in 2020 they formally launched Farseer. The company raised a 100,000-euro angel round that year, followed by the $1.5 million seed in February 2023 led by Apertu Capital, with SQ Capital and participation from customers, partners, and employees.
Farseer replaces Excel and Google Sheets in scenarios where those tools become unmanageable — typically when dozens of users collaborate on budgets, forecasts, and scenario planning across multiple business units. The team positioned the platform between lightweight SME tools, which struggle with large datasets and exceptions, and heavyweight enterprise solutions from IBM, Oracle, SAP, and Anaplan, which heavy cost of ownership and require external consultants for every change.
AYMO Ventures Leads Round, SQ Capital Reinvests
AYMO Ventures, the newest Croatian early-stage fund, led the Series A. SQ Capital, a multi-asset investment firm based in Central and Eastern Europe (CEE) that backed Farseer in both the pre-seed and seed rounds, joined again. SQ Capital’s portfolio includes Repsly, Sportening, Codemap, Qubinets, and GlycanAge.
Nakić noted that customers, business partners, and employees also invested in the round, “which is a huge motivation.” She did not disclose individual ticket sizes or post-money valuation.
AI integration that makes sense
So, the Farseer platform combines the flexibility of spreadsheets with the power of enterprise FP&A systems, allowing finance teams to create models and reports themselves rather than relying on IT or external consultants. Automation plays a big role in that, and Nakić emphasized AI’s foundational role in the company’s roadmap.
“AI is forcing this category to move. And AI only works when your data is clean + properly modeled + has context. That’s literally what our platform is built for, so we’re not slapping a ChatGPT wrapper on top and calling it innovation.”
Planned AI features include automated analysis, natural-language explanations of variances, report generation, and scenario simulations.
Enterprise clients validated Product-Market Fit
Farseer’s annual recurring revenue (ARR) grew 3.8 times in 2022 compared to the prior year, according to the February 2023 press releases.
The company’s client roster includes Deutsche Telekom, Swedish luxury-goods maker Lelo, skincare brand Foreo, Croatian firms Violeta and Hrvatska Lutrija, energy infrastructure operator Plinacro, and professional-services firms Mazars and InterCapital.
Further on, Nakić said the company will focus exclusively on enterprise accounts in Western Europe and North America, avoiding what she called “mid-market because volume“. She also acknowledged the challenge of combining speed with enterprise sales: “We’ve had the classic hockey-stick thing going for the last 3 years, we can sell this repeatedly (enterprise, not vibes), and we’ve proven we can deliver value fast after go-live.”
Roadmap ahead
Farseer will allocate the Series A capital to three priorities:
- hiring across engineering, implementation and technical consulting, sales and marketing, and customer success;
- expanding into Western Europe and North America with an enterprise-only go-to-market strategy; and
- doubling down on reporting, analytics, and the analytical database while shipping AI features for analysis, explanations, reports, and simulations.
Farseer’s Series A positions the Croatian startup to challenge incumbent FP&A vendors in a category historically dominated by US and Western European players.
The round also signals continued investor appetite for CEE-founded B2B software companies targeting global enterprise markets, particularly those leveraging AI to automate knowledge work. Now only thing left is to build.
