San Francisco-based startup Series has secured $25 million in funding to disrupt the enterprise resource planning (ERP) market. The company aims to simplify and centralize businesses’ finance and operations stacks by offering modular solutions that can be customized to meet specific needs. Series’ platform allows customers to pick and choose the capabilities they require, rather than being forced to invest in an entire ERP system.
Key Takeaway:
Series, a San Francisco-based startup, has raised $25 million in funding to revolutionize the ERP market. Its modular platform offers businesses a more flexible and customizable alternative to traditional ERP systems. By allowing customers to select and integrate specific modules, Series simplifies vendor management and reduces unnecessary costs. The company’s long-term vision is to become a comprehensive provider of back-office solutions, streamlining workflows and delivering a unified experience.
A Solution to Complex Vendor Relationships
Many companies struggle to keep track of their multiple vendor relationships, leading to inefficiencies and wasted resources. According to a recent survey, businesses maintain an average of 6 to 25 vendor relationships, resulting in duplicated tools and unnecessary support costs. Series aims to solve this problem by providing a consolidated and streamlined alternative to traditional ERP setups.
A Holistic Suite of Products
Series offers a range of ERP-like features, including payroll and benefits management, contract lifecycle management, business-to-business payments, and treasury management. The platform’s modules use the same infrastructure for authentication, notifications, transactions, and ongoing events, ensuring a unified experience for users. Customers can also integrate their existing vendors and financial institutions into Series’ platform.
Modular Approach to ERP
Unlike traditional ERP systems that require a significant investment and often have a high failure rate, Series’ modular approach allows customers to build their own solutions as needed. Customers can choose the specific modules that meet their current requirements, and as their needs evolve, they can adopt additional modules to enhance their operations. The interoperability of Series’ modules eliminates the need for external systems and simplifies reconciliation processes.
Future Plans and Competition
With the newly acquired funding, Series plans to further enhance the integration and seamless workflows between its modules. The company is developing automation tools to streamline tasks such as form filling across different services. In the long term, Series aims to become a comprehensive provider that handles all non-core business functions, reducing the need for customers to log into multiple platforms and carry out reconciliations.
Series faces competition from established players like NetSuite, as well as other startups in the ERP space. However, the company believes its ease of setup and use sets it apart from the competition. By focusing on building a diverse range of software-as-a-service products, Series aims to establish itself as a leader in the market, offering high-margin recurring revenue products.
