Scott Haney, who manages revenue operations at Chili Piper, including sales, marketing, customer success, recruitment, and finance, sat down with us for a chat on how they raised $50 million without a single finance hire, using Mighty Digits.
Mighty Digits has helped 100s of startups understand the bigger picture of their company's financials, allowing them to effectively report to their board and continue to raise capital.
When Chili Piper came to Mighty Digits, they had a few struggles:
They were struggling with their bookkeeping.
They were facing challenges figuring out the metrics that they had to present to the board.
The chart of accounts in QuickBooks was not standardized and confusing.
“Even just on the [vendor] bill pay side of it, we didn't really have a clean, structured piece in place...”
They were looking for help around bookkeeping, forecasting for their board, and financial operations.
Some of the big changes that Mighty Digits helped Chili Piper with were:
As Scott says, this helped them as they “work backwards from the key metrics in what we want to present to the board.”
How the changes helped Chili Piper
Getting the books cleaned was a super fast and super quick process with Mighty Digits.
“One of the biggest things has really been just getting a really spot on forecasting model,” say Scott.
With the forecasts provided by Mighty Digits, Chili Piper has been close to almost every single target, either overshooting it, or just barely undershooting it in terms of the metrics that they’re looking at. This helped them establish better systems and processes in place and grow rapidly.
It also set them up for success with investors, or as Scott puts it, “as soon as we switched to accrual basis, we started talking with investors,”
Soon after starting to work with Mighty Digits, Chili Piper raised their $3 million Seed Round.
Over the next few years of working together, Chili Piper has raised a $15 million Series A and a $33 million Series B with the help of Mighty Digits.
Mighty Digits has been honored to be part of Chili Piper’s team throughout the journey, and we look forward to seeing what happens next.