New funding has been secured to help CPG brands scale in retail.

Confido

Confido markets itself as the “first automated financial operations software built for CPG,” via LinkedIn. Harvard University Graduate Justin Hunter and Massachusetts Institute of Technology Alumna Kara Holinski are the founders behind the startup that launched in 2022. All in all, Confido aims to empower CPG brands — which include OLIPOP, MUSH, Dr. Squatch, Momofuku, and DUDE Wipes — in retail by ensuring accounting, finance, and sales teams have the proper tools and resources to understand the movement of each retail dollar, Nosh reports.

Core Products

Confido has a few core products.

Cash application and deductions automation allow finance teams to spend more time on strategy instead of tedious spreadsheets. Per Nosh, the company has already processed over $1 billion in deductions for their clients. The software also flags deductions and disputes and provides tools to reach a solution. Within the last year, the company expanded its products to include trade promotion management and sales forecasting, per Nosh.

The startup leverages AI to collect documents and data and match invoices, according to Nosh. It also provides AI-driven insights for annual operating planning.

“We want to build the tool to solve the complexity of scaling in retail,” Hunter said, as reported by Nosh.

“We have spent countless hours with our incredible customers, learning the ins and outs of how they manage their businesses. We wanted to build something that actually made life easier for accountants, finance managers, and sales teams,” he continued.

Holinski commented:

“We know the stakes are high. Every dollar that falls through the cracks is a lost opportunity. That’s why we focus on automation that not only saves time, but directly impacts the bottom line.”

$20M Raised

Confido has secured $20 million in Series A and seed rounds led by Footwork and Watchfire Ventures respectively. Y Combinator, BFG Partners, The Fintech Fund, Barrel Ventures, and a group of strategic angels also participated in the rounds, it confirmed in a LinkedIn post. The funding will support expanding its team, scaling its investment in automation, and “building the AI backbone that will unlock every brand’s retail potential.”

“I’m thrilled to share Confido’s Series A, led by Footwork. It’s been an incredible privilege to earn the trust of some of the fastest-growing brands in the world across categories,” Hunter said in a post shared on LinkedIn.

“We hold a special place in our heart for our early partners who supported us when we had nothing but a Figma and a dream. It wouldn’t have been possible without you. Excited for the years ahead scaling Confido into the AI platform CPG brands deserve,” he added.