The Gothenburg-based company Fintower recently closed an oversubscribed seed round that attracted both new and existing investors. Among the investors are Chalmers Ventures, Akka, the Stena family through William Olsson, as well as several entrepreneurs and angel investors. Existing investors include Almi, Daniel Jonsson from Inet, and Alexander Hars. In total, €1.5 million was raised.
“The interest in this round was high, and we needed to expand it. Unfortunately, not everyone who wanted to join could participate, which shows that what we are building meets a real need. The market is ready to move away from Excel-based planning and is demanding modern tools for analysis and decision support,” says Salman Eskandari, co-founder of Fintower.
Together with Ehsan Yazdani, he founded Fintower with the ambition to change the way companies work with finance. Today, much of corporate planning is still done in manual spreadsheets, making analyses slow, fragile, and difficult to update when reality changes. Instead of spreading data across multiple systems and spreadsheets, their tool consolidates budgets, forecasts, and reports into a single place. Using AI, users can, for example, understand what drives revenue or simulate the effects of different changes without having to work across multiple separate systems.
“Many financial systems are built around accounting charts, not the realities of the business. We have focused on products, sales, and personnel, connecting finance and operations in the same system,” says Ehsan Yazdani, co-founder of Fintower.
Since its first funding round, Fintower has attracted customers across various industries, including tech and software, credit institutions, retail, and the energy sector. What these companies have in common is high demands for order and control in both financial and operational management, often in environments with external funding and a clear growth focus. The capital from the new round will be used to further develop the product and build a sustainable business around the existing solution.
“Finance departments are undergoing change. Repetitive work will increasingly be automated, and AI will become a tool for analysis and decision support. Our goal is for Fintower to become the leading platform in the Nordics,” explains Ehsan Yazdani.
Chalmers Ventures, one of the investors in the round, also sees great potential in the company.
“Fintower helps growth companies take the step from Excel to intelligent financial decision support. With its AI-based platform and a team that combines deep technical expertise with strong business understanding, the company is well-positioned to scale efficiently and create long-term value,” says Jonas Bergman, Investment Director at Chalmers Ventures.
Read the orginal article: https://ffnews.com/newsarticle/funding/swedish-ai-company-fintower-raises-e1-5-million-in-oversubscribed-seed-round/
