Accelerate Fund II invests in Dryrun – cash flow forecasting platform
EDMONTON, AB, April 29, 2020 – Accelerate Fund II is excited to announce its investment in Dryrun, an Edmonton-based technology company that gives accountants, CFOs and controllers the ability to forecast cash flow and model different scenarios with an affordable cloud platform.
There’s an old adage in business, “You can be unprofitable for a long time, but you can only run out of cash once.” Managing cash flow is the key to survival of any business, and is traditionally done with custom built spreadsheets that can become unwieldy, inflexible, and hard to use for anyone but the creator. Dryrun is a dynamic and easy to use tool that allows users to model what cash flows will actually look like, and come up with strategies to manage them.
The economic challenges of COVID-19 have made cash flow modelling more essential than ever to inform decisions on managing operating costs, hiring or layoffs, and funding new projects. With so many timelines possible in terms of lifting of social distancing or available government relief, businesses are mapping multiple models for the months ahead. Businesses require cash flow forecasting tools that are flexible, highly visual and easy to use. Dryrun’s COVID-19 marketing has increased software sign ups by 300 per cent in recent weeks, with new customers coming from 31 different countries. In total, Dryrun is used in multi currencies in 70 countries, with most customers in the USA, UK, Australia, NZ and Canada.
“Dryrun has been demonstrating their growth potential for the last few years, long before this pandemic,” commented Arden Tse, Investment Manager for Accelerate Fund II. “They have grown the business with a disciplined sales approach, and integration with QuickBooks, Xero and Sage which makes their software easy to adopt.”
Dryrun serves a market of small and medium enterprises along with fractional CFOs and accountants who serve those businesses as advisors. The software pulls from data in a customers’ accounting system to forecast where cash flow will be in the future. Different from competitor tools where users must fill in assumptions to generate a static forecast, Dryrun models dynamically, from existing data, and enabling users to change multiple variables and see impact in real-time, in a simple interface.
“I credit Dryrun to the 2009 recession where I learned my own hard lessons on cash flow,” explains Blaine Bertsch, CEO and Co-Founder of Dryrun. “I turned to spreadsheets to model out cash flow and sales pipeline, productivity and profitability. That spreadsheet model saved my former business and restarted our growth in 2011. I sold that business in 2012 and began developing affordable software that would give other businesses the advantage of my lessons learned.”
Investment from Accelerate Fund II will enable Dryrun to focus on growth. The company is expanding its sales team and recently brought on an accomplished marketing leader who spearheaded their successful COVID-19 response campaign. Some investment will also go into continuing product innovation.
“We’re going to be one of the businesses that comes out strong out of this crisis, and one that can help build a real true Alberta ecosystem to carry us forward,” added Bertsch.
Dryrun is the fastest growing cloud platform to forecast cash flow, revenue and growth with the flexibility and automation that businesses need. Selected by Intuit as a Top-10 global new app in 2017, Dryrun was part of the ‘100K App Showdown’ and featured at several events throughout North America. Dryrun’s unique technology and feature set delivers first-of-its-kind insights to accountants, CFOs and controllers. It brings a cost-effective and highly flexible, collaborative platform, bringing excellent value by the clients they serve. Also in 2017, Dryrun was selected by the Government of Canada as a top-32 Canadian FinTech company hosted at the 2017 SIBOS conference in Toronto. Dryrun just completed the AICPA-CIMA Startup Accelerator Program, whose objective is to strengthen the abilities of individual accountants or finance teams to be the go-to analysts, strategists and consultants to their clients globally. Dryrun is changing the world by supporting clients and partners over 70 countries and multiple platforms. www.dryrun.com
About Accelerate Fund II
Accelerate Fund II is an early-stage angel co-investment fund in Alberta. We co-invest alongside angel investors in financing rounds and will typically invest up to $500,000 on the same terms and conditions as private investors. We work with formal angel groups, super-angels, family funds, and individual angel investors. Accelerate Fund II invests in private, early-stage Alberta companies in knowledge-based industries including: information and communications technology, clean and energy technology, as well as life sciences, including agriculture and biotech. Accelerate Fund II is managed by Yaletown Partners with the support of The A100. Alberta Enterprise Corporation is Accelerate Fund II’s Limited Partner. www.acceleratefund.ca
Accelerate Fund II
Claudia @ matertialinsight.com
jay @ dryrun.com