Headcount can comprise up to 70% of a company’s total operating expense. For a cost of that magnitude, you would expect organizations big and small to have sophisticated tools and resources to accurately manage and forecast their greatest asset – people.
Despite the litany of financial planning and analysis (FP&A) software solutions available to today, when it comes to headcount forecasting, finance teams still rely on spreadsheets to reconcile data from disparate sources. At best, these reconciliations on are semi-informed projections. At worst, they are error-prone guesses. Furthermore, finance is often viewed as a service organization supporting other functions and can carry the stigma of an impediment to growing teams. While on the finance teams at Nike and Google Nest, Vrinda and I experienced these challenges first-hand. We believe, however, that with the right tools, finance can play a leading role in facilitating the growth and trajectory of talent acquisition.
This is where Parallel comes in. While driving financial planning at Divvy, Parallel Co-Founder and CEO Renato Villanueva was provided with a budget to buy a headcount forecasting solution. Like us, he couldn’t find one. Unlike us, he decided to go ahead and build it. Renato’s deep insight into the challenges facing finance leaders and Co-Founder and CTO Tyler Slater’s ability to quickly translate these insights into product creates a formidable team. The hustle and grit of this founding team and their elegant solution has created a robust, growing pipeline of FP&A leaders clamoring for their product.
We’re delighted to lead Parallel’s Pre-Seed round alongside a great group of partners, including Peak Capital, the Frazier Group, Convoi Ventures, and Divvy leaders. To learn more about Parallel, visit their website at getparallel.com.