Trace Raises $8M Seed to Revolutionize Company Budget Coordination

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.