trace announces $8m seed to help companies coordinate budgets
Trace Secures $8 Million Seed Funding to Modernize Finance Operations
Trace, a nascent company focused on delivering Software-as-a-Service (SaaS) solutions to the financial sector, has announced the successful completion of an $8 million seed funding round.
Investment Details
The investment was spearheaded by Greylock and Uncork Capital, with additional participation from Nyca Partners, Redpoint Ventures, and a cohort of individual investors.
A Platform for Enhanced Financial Collaboration
Mike Gonzalez, co-founder and CEO of Trace, positions the company as a pioneering service designed to facilitate seamless interaction between finance teams and other departments within an organization.
This encompasses critical functions such as budgeting, accounting, and procurement. “Trace is developing an all-in-one platform where financial decisions are made and collaboration with finance is streamlined,” Gonzalez explained.
Streamlining Finance Interactions
Trace centralizes all key communications between the finance department and its stakeholders, with a particular emphasis on budget owners.
Budget owners are provided with clear visibility into their financial objectives, ensuring they are fully informed of their targets. This fosters greater accountability and proactive financial management.
Coordinated Workflows and Integrated Systems
The core objective is to establish a more cohesive workflow involving all relevant parties – including finance, department heads, legal counsel, and security operations.
Rather than relying on disparate tools, Trace aims to consolidate these processes into a unified service. This integration promises increased efficiency and reduced complexity.
Building on Extensive Experience
Gonzalez brings significant expertise to this venture, having previously developed bespoke financial systems as a consultant.
He further refined his knowledge while working at Zenefits, where he was instrumental in constructing an internal system for tracking financial data. This experience formed the foundation for Trace.
Launch and Pandemic Impact
The company was founded in 2018 and officially launched its service in 2020.
Despite the challenges presented by the pandemic, it underscored the critical importance of robust financial oversight, particularly when resources are constrained.
Target Market and Current Integrations
Currently, Trace is targeting companies with employee counts ranging from 200 to 1500, with plans to expand its reach to larger organizations in the future.
The platform currently integrates with leading ERP financial systems, including Sage Intacct, Netsuite, and QuickBooks.
Team and Growth Plans
Trace currently employs a team of twelve, primarily focused on research and development, with ongoing plans for expansion.
Commitment to Diversity and Inclusion
Gonzalez, who co-founded the company with his brother, emphasizes the importance of Diversity & Inclusion (D&I) as a fundamental principle.
“As Hispanics who grew up facing adversity, we are deeply committed to fostering an environment of equal opportunity and inclusion,” he stated. The company is actively investing in initiatives to promote diversity.
Distributed Team and Future Office Space
Trace has operated as a distributed team since its inception, and the pandemic did not necessitate a shift in this model.
However, as the company grows, Gonzalez anticipates establishing a physical office space to facilitate collaborative work when needed.
Ron Miller
Ron Miller's Background in Technology Journalism
Ron Miller has a distinguished career as a journalist specializing in the technology sector. He most recently served as an enterprise reporter for TechCrunch, covering significant developments within the industry.
Early Career and Editorial Roles
Prior to his role at TechCrunch, Miller dedicated a substantial period as a Contributing Editor for EContent Magazine. His expertise was regularly featured in this publication.
Throughout his career, he has also contributed consistently to several other prominent technology publications.
- CITEworld was a regular outlet for his writing.
- He was a frequent contributor to DaniWeb, offering insights on web development and technology.
- TechTarget also benefited from his reporting and analysis.
- Miller’s work appeared in Internet Evolution, focusing on the changing landscape of the internet.
- He also held a position with FierceContentManagement, covering content management systems and strategies.
Corporate Blogging and Contributions
Miller’s experience extends beyond traditional journalism to include corporate blogging. He previously maintained a weekly blog for Intronis, addressing pertinent IT-related concerns.
Furthermore, he has provided content for a variety of corporate blogs over the years.
- He contributed to the blog of Ness, a technology consulting firm.
- Novell also featured his insights on their corporate blog.
- Miller participated in the IBM Mid-market Blogger Program, sharing expertise with a business-focused audience.
These diverse experiences demonstrate a comprehensive understanding of the technology landscape, from reporting on industry trends to providing practical advice for businesses.