Place Technology got started in late 2018, when CEO Brandon Metcalf noticed how hard it was for small to medium-sized businesses to balance their profitability and growth with limited resources.
So the company spent the next few months building its PlaceCPM platform. The platform is currently being beta tested, but thanks to a new $3 million funding round, its launch might just have crept a little bit closer.
“Companies are faced with endless decisions that need to be made, and accurate financial and cash forecasts are critical in making the right decisions. I know firsthand how difficult and time-consuming producing these can be, and for years have been frustrated with the lack of technology that truly solves these challenges,” Metcalf said in a statement.
He continued: “PlaceCPM addresses this need and is uniquely poised to fundamentally change forecasting and planning for growing companies.”
PlaceCPM is built on the Salesforce platform and allows the user to do financial forecasting, budgeting, modeling, consolidations and core planning with different collaboration, workflow, reporting and visualization tools.
Salesforce is one of the most popular client relationship management platforms in the world, and is used by hundreds of thousands of businesses. By building a Salesforce native app, Place Technologies is able to provide businesses with tools in a format that they understand.
“The experience of the Place Technology team building and scaling Salesforce-powered applications caught our attention right away,” investor Mike Troy said in a statement. “The depth and breadth of the product is impressive and speaks to the team’s first-hand experience with the pain that small and mid-sized companies face managing their financials and cash flow as they scale. We are excited to back such an experienced team tackling this large of a problem.”