Finnish FinTech innovator raises €1.5 million to transform financial reporting & forecasting for startups and growth companies

Calqulate helps startups use advanced financial forecasting models to secure easier access to funding and run their companies more successfully.

Cameron Murphy

January 26, 2021

Calqulate co-founders Niko and Osama


HELSINKI, JANUARY 26, 2021 – Calqulate, an automated financial analytics and knowledge base for startups and growth companies, has raised €1,5 million from American and European investors, led by and with participation from 70V, River Venture Partners and business angels. This new investment will enable Calqulate to expand into the U.S. market by the end of Q1 and develop further financial models into its platform.

Calqulate makes financial analytics understandable and actionable so users have the clarity and understanding of their data to make successful decisions.

The CEO and co-founder Niko Laine, has spent 20 years working internationally with startups and growth companies as a CFO, setting up financial reporting and forecasting models for a range of companies.

“Financial forecasting and reporting is tedious, complex, and time-consuming,” Niko explains “I’ve been there – Tech companies achieve considerably faster growth when they understand their key metrics and know how much it costs to acquire new customers in different markets and segments. It is essential to know when it's time to invest in growth.”

It is estimated that seven out of ten startups will fail within the first ten years, mostly due to a lack of financial clarity within the company. Many of these challenges and risks can be eliminated by having a clear overview of the company’s growth metrics and accurate cash flow forecasts.


An essential financial tool for new businesses

“Entrepreneurship is on the rise. The struggle to stay afloat is real – especially now, when there are so many uncertainties in the market,” says Laine. “At the end of the day, it boils down to finances.”

According to lead investor, Calqulate is uniquely positioned to simplify reporting, automate routines and provide forecasts as a service – capabilities usually found only in larger organizations with sizable financial teams.

“Many companies, especially in their early stages, have limited budgets or capabilities in their financial teams. In order to manage successful, rapid growth, you need to be on top of your key metrics and have a forward looking view to your cash flow,” said Pirkka Palomäki, Partner at

A Nordic invention: Simplicity is Key

True to its Nordic roots, Calqulate stresses simplicity. It enables founders, CEOs and CFOs to assimilate and automate financial reporting and forecasting from day one, without requiring either financial or technical knowledge, or a huge budget.

“Companies need a simplified, transparent financial forecasting and reporting software” says Osama Abdelmoghni, CTO and co-founder of Calqulate, “In 15 mins, we automate your financial reporting with our out-of-the-box financial models, forecasting and clear data visualization, making it possible for any startup entrepreneur to work like a pro CFO.

Since its inception less than two years ago, Calqulate has grown from a three-person team to a burgeoning thirty person company with staff on 3 continents and representing 10 nationalities. By mid-2021, the company also plans to launch its platform to businesses in other verticals, such as e-commerce and mobile gaming.

About Calqulate
Launched in 2019 Calqulate, has offices in Helsinki, Paris, San Francisco and Vilnius. Calqulate’s financial analytics platform helps startups and growth companies simplify and unify their current and future financial performance so that they can grow faster.

Calqulate has developed partnerships with some of the biggest accelerators, startup hubs and VC’s in Europe and the US, with Station in Paris and Capital Innovators in the US offering the service to their members and portfolio companies.

For more information, visit...well...your already here on our site😅

About is an early stage venture capital firm dedicated to partnering with founders who never conform to category standards. From inception to series A and beyond, we partner with deep tech and brand driven companies obsessed in challenging category norms. For more information, visit

70V is a revenue accelerator for B2B start-ups. They provide seamless funding based on revenue milestones together with a revenue acceleration program focused on building and systemizing a specialised outbound sales team to simply scale faster. Visit for more information.

About River Venture Partners
River Venture Partners is an Amsterdam-based angel syndicate and early stage investor in European software startups in a.o. enterprise software, digital media, marketing-, commerce- and education technology. We are high-integrity, low-ego partners, supporting founders in building digital businesses that change people’s lives. For more information, visit:

Author Avatar

Cameron Murphy

Head of Growth

Head of growth with a focus on the marriage of financial accountability and marketing madness. Helping CFOs say "Yes" since August 2020.