This is an exciting day for me to finally step out and formally talk about the Finout journey.
It all started around a year and a half ago. Asaf and I decided to quit our comfortable Logz.io jobs in the middle of a pandemic and join forces with Yizhar to build Finout.
We found ourselves without jobs, sitting in my apartment in Tel-Aviv in the middle of yet another quarantine, contemplating our life choices. How does one even begin to start a company?
But we did have a mission and a very clear vision. We knew exactly what we wanted to build. The modern cloud cost management platform - the way we wanted to use it.
With the forced adaptation to Zoom, we managed to get on dozens of calls. Everyone expressed the same pain with the current market leaders and understood what we wanted to build in a minute - very quickly, we started to understand we are not crazy - the market is looking for a better solution like the one we wanted to build. We started meeting VCs and powerful angel investors across the globe, and a short time after, we had the privilege of choosing our lead investor - Pitango.
Our $4.5M seed round closed in March 2021, led by Eyal Niv from Pitango, joined by Ariel Maislos, R Squared Ventures, Jibe Ventures, toDay Ventures, and a super-group of angel investors.
With that funding, we ran for the past year, growing to 20 exceptional employees, dozens of customers, and a very advanced product.
The global market is changing as we speak, and the FinOps market continues to grow.
As companies are facing uncertainty in all areas, they need to get more certain where they can. FinOps helps bring certainty to the usage-based chaos, and Finout helps FinOps - as simple as that.
Companies demand a modern solution, and we had the vision to build the right product at the perfect time. We saw the reception in the market for our solution and we knew we needed to grow, run faster, and invest more in Finout. To do that, we needed more capital, and we have found the perfect partner for that - Liran Grinberg from Team8.
Team8 is a great fund, with huge fire-power to go along with a group of some of the best investors in Israel. With the fund operations across Cyber, Fintech, and Enterprise software - we know they can help us run faster, and better than ever before.
So just over a year after our Seed, we are happy to partner with Team8 on our $14M Series A, with the participation of our current investors Pitango, Ariel Maislos, R Squared Ventures, and Jibe Ventures.
We couldn’t be more excited about what we will be able to build next.
The current widespread recommendation from VCs to their portfolio is to focus on profitability and cut down wherever they can to ensure they are cautious with investor money. This is what Finout does best - helping companies understand their cost in the long term, draw their path to profitability and make sure nothing is wasted without a need.
I personally can’t wait to see Finout grow, shaping that vision to be more of a reality every single day. What the team has managed to build in a year is amazing - just wait to see what we can do next.
"Whether you’re a part of a team with an established FinOps practice, or are building up the discipline, everyone can relate to the challenges of mapping cloud utilization cost to their drivers one-to-one." – FinOps Foundation