Kyiv-based Fuelfinance has successfully raised $1 million in seed funding, attracting notable investors like Markus Villig, CEO and founder of Bolt, and John S. Kim, CEO and co-founder of Sendbird.
Fuelfinance is a financial management tool designed for startup founders and financial teams, offering features that simplify bookkeeping, profit and loss statements, financial planning scenarios, economic analysis, and dashboards. The platform specifically targets early-stage companies by providing a more cost-effective solution than what is widely available.
While this may appear to be a typical fintech narrative, it’s important to note that much of Fuelfinance’s team operates from war-torn Ukraine.
In a discussion with Alyona Mysko, founder and CEO, we explored the realities of launching a fintech startup amid conflict, the hardships they have encountered, and their vision for the future.
“Challenges arose quickly. My co-founder Yaroslav Azhnyuk and I had our strategic session one week before the war started,” Mysko stated. It was during this meeting that the decision was made to initiate fundraising efforts. For the previous two years, Fuelfinance had been a bootstrapped, profitable business and chose to pursue new product development.
“We had scheduled our website and new product launch for February 24th, so we had to postpone that,” Mysko added. Nevertheless, despite the disruptions caused by global events, Fuelfinance launched its product and website in March 2022, experiencing notable success. On launch day, they were named the number one ‘product of the day’ on Product Hunt and later shortlisted for the Golden Kitty awards in January 2023.
Mysko and Azhnyuk were determined to create their product despite the tumultuous circumstances. “We recognized that, regardless of the challenges, we wanted to build a great financial tool for companies worldwide to enhance their financial management. We committed to this goal,” they said.
As they shifted their focus back to fundraising, they encountered another obstacle—the economic downturn in the US market, a key part of their original strategy. “We noticed a shift in investor conversations, with increased focus on the economic landscape. Our profitable bootstrap status became a significant advantage,” Mysko explained.
Their journey is remarkable, especially considering the intensity of the adversities they faced.
Detailing those challenges, Mysko shared, “We had to relocate our team to safer areas. Ensuring a secure workplace, access to electricity, and internet connectivity through Starlink became our priorities. This testing period proved we could adapt quickly. Despite the upheaval, we continued product development and expanded our team. A strong mission and collective support allowed us to thrive through unpredictability.”
Pre-war, 80% of their team was based in Ukraine, but that figure has now adjusted to 50%, which is impressive given the circumstances. They have managed to triple their business in 2022. Mysko articulated their ambitions: “I envision millions of companies across the globe using our services. Effective financial management enables companies to hire more and grow profitably, contributing to GDP growth in various countries. This mission drives us.”
With these objectives, the team is focusing on hiring, refining their marketing and sales strategies, enhancing product integration and automation, and striving to create the best product possible, allowing customers to truly appreciate their financial management.