Seed Capital backs Forecast in a $19M Series A round to reimagine project based work using AI-native technology
Companies including Red Cross, Distributed, O2 Web and PeakActivity use Forecast to unify project operations and increase profitability
Forecast, the leading AI-native platform for project and resource management, today announces that it has raised $19M in Series A funding.
The funding round was led by Balderton Capital with participation from Seed Capital and the other existing investors, Crane Ventures Partners and Heartcore. The funding follows very strong growth in the past 12 months, with Forecast tripling revenue through the pandemic. As the pandemic progressed, the anticipation of market needs allowed the company to leverage its platform to drive this massive growth.
Forecast is the only solution that unites projects, resources, financials and business intelligence in one easy-to-use platform, solving the issue of transparency on all business operations. Having all operational data in one place allows businesses to better close gaps that lead to profitability.
”Forecast’s AI based platform, with its wholistic view of project management, is uniquely positioned to transform how project teams work faster, more efficiently and more profitably. Seed Capital invested in Forecast as the first VC investor, and we continue to be impressed with Dennis’ relentless drive and the Forecast team’s ability to execute on this huge global opportunity. We congratulate the team on securing a substantial A round which will fuel US expansion and pave the road to becoming a category winner. And we welcome a treasured syndication partner Balderton as a co-investor in this exciting venture” Says Niels Vejrup Carlsen, Board Member at Forecast & General Partner at Seed Capital
In addition to the funding round, Forecast has appointed ex-CEO and founder of FinancialForce Jeremy Roche to its Board of Directors. Roche will provide strategic direction in driving growth. A high profile name in the software industry, Roche brings more than 30 years’ experience to the role.
“Our mission is simple: to unlock the power of AI to help people do the best work of their lives. This funding is a significant step in Forecast’s journey to reimagine the project experience, as we move the company from an innovative challenger to a true leader in the market. With Jeremy on board to steer strategic direction, it’s an amazingly promising time for us.” Says Dennis Kayser, CEO & co-founder at Forecast
Less than a year after launching a commercial office in the UK, Forecast plans to invest part of the funding to launch in North America, while continuing to scale in the UK. The company will also invest heavily into continued development of the platform to anticipate market demands, with the aim to make Forecast the easiest platform to use in the market, and to build predictability so customers can forecast financials and increase profitability.
The Forecast platform is the most advanced product available that applies significant AI and machine learning technology to financial management and project management at scale. Custom software and digital transformation specialist Etain have been able to cut administrative work by 50% with Forecast, whilst digital marketing agency Sagittarius has increased billable work by 40% since using the platform.
88% of Forecast customers report better-than-human results through the platform’s native-AI. With a Gartner report stating that “80% of today’s Project Management tasks will be eliminated by 2030 as Artificial Intelligence takes over,”, Forecast’s existing head start, its proven success, and the news of the Series A funding mark the beginning of an exciting growth phase.
“We are really excited to be an early investor in Forecast. We share their belief that the next generation of SaaS products will be more than just collaboration tools, but use machine learning to actively solve problems for their users. The feedback we got from Forecast’s customers was quite incredible, both in their praise for the platform and in how much of a difference it had already made to their operations. We look forward to supporting the company to scale this impact going forward.” Says James Wise, Partner at Balderton Capital.