UK-headquartered predictive analytics start-up Ramp says it has closed a $5 million (R89.1 million) seed funding round, earmarked to streamline the onboarding of new clients.
The funding round was led by AlbionVC and Eurazeo, with participation from Triple Point Ventures, as well as angel investors Barnaby Hussey-Yeo, CEO of Cleo, and Stephane Kurgan, ex-COO of King.com, among others, according to the start-up.
Established in 2018, Ramp has its origins in Cape Town, with its founders being from the Mother City. It also runs some of its operations from Cape Town.
The start-up offers companies a software-based model to forecast their business accurately.
Ramp says CFOs and finance executives can run scenarios and arrive at forecasts in minutes – versus weeks or months – thus predicting customer behaviour, future revenue and the annual growth of a firm, in real-time.
According to Cape Town-born Dan Marcus, Ramp CEO and co-founder, the platform enables finance teams to take the guesswork out of forecasting.
“The majority of quarterly target ‘misses’ are not due to company performance, but rather to the quality of the forecast itself. In other words, it is factors that could have been predicted at the time that are being missed.
“Companies can directly compare the forecast with reality and see just how accurate it is. The forecast can then be positioned alongside data-driven, intelligent insights backed by the Ramp team’s legacy in the business.”
Commenting on the seed funding, Marcus says the long-term goal is to position Ramp as a single source for the future of businesses, from which prescriptive and proactive analytics services can stem.
“We’re at the forefront of this new product category and it’s great to have such renowned investors believe in this vision and join us on this journey,” he states.
“We are very excited to support Ramp in this next phase of growth by co-leading their seed round,” comments Paul Lehair, investment director at AlbionVC.
“As an ex-CFO of a B2C start-up, I am blown away by Ramp’s unique approach to solving the business-critical problem that is forecasting. We are thrilled to back the team and their ambition to create a new category leader in this space.”
Tara Reeves, MD: ventures at Eurazeo, concludes: “As a former product manager, I am impressed by Ramp’s innovative solution for forecasting, which is a crucial aspect for any business.
“I believe its product will be of great value for teams in product, finance and marketing.”
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