Finance firm Iris secures $6.2 million funding to expand its AI-driven CFO platform aimed at consumer goods brands.
In the bustling world of consumer-packaged goods (CPG), where financial mismanagement often contributes to the downfall of small businesses, a new player has emerged to level the playing field. Iris Finance, an AI-native financial planning and analysis platform, has raised $6.2 million in seed funding to automate the day-to-day financial decision-making of CFOs and COOs.
Launched in mid-2024, Iris Finance has quickly onboarded hundreds of CPG brands, providing them with a robust solution to manage their financial data effectively. The company's proprietary database platform, Iris DB, automatically ingests and normalizes data from various sources, including Shopify, Amazon, NetSuite, third-party logistics providers, TikTok, and Google Ads.
The funding round was led by Glasswing Ventures, with participation from Founder Collective, Hyde Park Angels (HPA), Revolution's Rise of the Rest Seed Fund, Barrel Ventures, and Rosecliff Ventures. The new funds will be used to further fuel product innovation, support the company's growing client base of CPG brands, and expand go-to-market initiatives.
Iris Finance was founded by Drew Fallon (CEO), Alexander Heckmann (COO), and Marko Iwanik (CTO). With their combined expertise, they aim to address the financial challenges faced by physical product businesses, which often struggle under mounting financial pressure and technological challenges.
Cash flow mismanagement contributes to 82% of small business failures among physical product businesses. Alarmingly, 70% of small and medium-sized businesses (SMBs) in the physical product sector hold less than four months of cash reserves. Iris Finance's innovative platform promises to alleviate these concerns, providing businesses with the tools they need to make informed financial decisions and secure their future.
As Iris Finance continues to grow and innovate, it is poised to make a significant impact on the CPG industry. With its unique approach to financial management, the company is set to empower businesses, helping them navigate the complexities of the modern market and thrive in the face of adversity.
Read also:
- Linde Wins Major Engineering Design Contract for Equinor's Low Carbon Hydrogen Project at H2H Saltend, Progressing Towards a Greener Future
- Stock markets in Asia experience a surge following a record-breaking rally in U.S. stocks, fueled by optimism towards potential interest rate reductions.
- Dazzling Accomplishment: Constructing a £5m Venture by Age 25
- Transportation via roads plays a critical role in India's shift towards clean energy.
