Forecast secures $5.5M financing led by Crane Venture Partners

CPE Media News (11/1/2019) – Forecast has raised $5.5 million in new funding led by London, UK based Crane Venture Partners with participation from existing investors SEED Capital and Heartcore. With the new investment, Forecast has raised $10 million in total funding.

Founded in 2016, Copenhagen based Forecast is an AI-powered project management solution that automates manual tasks and adds visibility and predictive capabilities to improve collaboration, workflow and planning. Using Forecast, customers reduce their administrative tasks by 20-40% and gain insights into project risk, resource management and more.

The company is also backed by PreSeed Ventures.

photo credit: Forecast

News Release

Forecast Raises $5.5m to Bring Automation and Insights to Project Management

Award-winning project management software helps medium-sized businesses collaborate, manage resources and predict future capacity needs

Copenhagen – 1 November 2019 – Copenhagen-based Forecast is announcing new funding to grow its AI-powered project management software company. London-based Crane Venture Partners led the $5.5m funding round with participation from existing investors SEED Capital and Heartcore. With the new investment, Forecast has raised $10m in total funding.

Forecast is an AI-powered project management solution that automates manual tasks and adds visibility and predictive capabilities to improve collaboration, workflow and planning. Using Forecast, customers reduce their administrative tasks by 20-40% and gain insights into project risk, resource management and more.

Founder and CEO Dennis Kayser worked as a consultant for many years and grew frustrated by the tedious tasks on every project – from recording time to updating deliverable timelines. He saw the potential of using artificial intelligence in project management by automating administrative tasks and improving project management capabilities with predictive functions such as revenue and demand forecasting.

Dennis Kayser, founder and CEO of Forecast commented, “We’ve already seen project management enter the digital age, moving from notepads and whiteboards to spreadsheets and task management lists. With Forecast, project management is poised for its next evolution with automation and insights, freeing project managers to instead focus on strategic activities like planning, resource and relationship management. We look forward to helping more mid-sized companies be more efficient and successful with the new investment from Crane and our existing investors.”

Founded in late 2016, Forecast has helped customers manage more than 40,000 projects with more than 1,000,000 tasks across its global customer base. Forecast’s artificial intelligence capabilities have helped project managers and team members estimate, assign and record time over 400,000 times. Without any outbound marketing to date, Forecast has seen a triple digit increase in annual revenue growth from existing and new customers.

Krishna Visvanathan, Partner at Crane Venture Partners, added, “We have been extremely impressed with the Forecast team and are excited to back the company for its next stage of growth. With deep insights into its customers’ needs and new data on how to improve project management, we see great potential for Forecast to help millions of businesses improve their operations, client relations and more around the world.”

For team members, Forecast helps people structure their day, track their time, collaborate and see what work is going on. Forecast fits into people’s existing workflows by integrating with widely used business collaboration applications, including Jira and Slack, development platforms like Github and GitLab, mail apps from Apple Mail, Gmail and Outlook, finance apps like Xero and Quickbooks and Salesforce CRM.

With its new investment, Forecast will hire across engineering, product, sales, customer success and marketing, growing its 38-person team and opening a new sales office in London early next year.

About Forecast
Forecast is an AI-powered project management solution that automates manual tasks, adds visibility and predictive capabilities to improve collaboration, workflow and planning. By using its AI-powered project management software, customers reduce their administrative tasks by 20-40% and gain insights into project risk, resource management and more. Founded in 2016, Forecast is headquartered in Copenhagen and backed by Crane Venture Partners, SEED Capital, PreSeed Ventures and Heartcore. www.forecast.app

About Crane Venture Partners:
Crane Venture Partners builds data, enterprise and deep technology companies alongside Europe’s most ambitious founders. Based in London, Crane’s Partners have invested in and scaled businesses across the US, Asia and every major hub in Europe. Over the last year, Crane has made over a dozen investments from its first institutional fund in European enterprise data and AI startups including AIRE, Tessian, Opensensors, Avora, Senseon Technologies, Thought River, Onfido and H2O.ai. www.crane.vc

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Notes: Press images available here.

Katy Zack
Communications Consultant
Phone: +44 (0)780 990 6215
Whatsapp: +1 (646) 895 3288
@katyzack