Calquate announced raising €1.5 million in a round led by Maki vc and including 70V, River Venture Partners and business angels.

Calqulate, a Helsinki, Finland-based developer of a software solution used for automated financial analytics, announced the completion of a €1.5 million ($1.8M) seed funding round.

The money was raised from investors led by the local investor from FInland and including contributions from 70V, River Venture Partners and business angels whose name was not disclosed.

The proceeds will be used to build business in the United States and develop further financial models into the company's platform.

Calqulate, founded in 2019 by CEO Niko Laine, developed a software tool that can be used for financial forecasting modeling, with a particular focus on startups and high-growth companies. The company's go to market involved partnering with startup accelerators from Europe, offering the service to their members and portfolio companies.

Calqulate has 30 emplpyees from ten countries working on three continents. By this summer, the company plans to build in other financial models and launch its platform in other verticals, such as e-commerce and mobile gaming.