PORTFOLIO EXIT: Brex acquires Pry

Brex acquired for $90M Pry, a fintech startup based in Silicon Valley, part of our Lombardstreet Ventures portfolio.

Image Credit: BREX

Pry is a financial planning platform that essentially replaces Excel for founders, helping them plan and manage budgets, create hiring plans, build financial models, predict cash runway, analysis, forecasts, and custom modeling. And this simply connecting their company’s bank accounts or integrating with QuickBooks or Xero.

We first heard about Pry from Brex customers and founders. Each and everyone raved about how impactful Pry has been to their business and how it helped simplify the management of their finances. As we got to know the Pry team, it became very clear that we shared a deep commitment to serving founders, with the goal of helping them achieve their full potential. It also resonated with Henrique and me as founders ourselves. When first building out Brex back in 2018, we weren’t (and still aren’t) CFOs by any means. We knew we wanted to hire and expand the team beyond myself and Henrique, but we weren’t able to easily understand how hiring would impact our cash flow. Needless to say, it was hard. Our vision is to scale Pry so founders and finance teams reliably manage expenses and planning in Pry, and then seamlessly deploy budgets and spending workflows in Brex, all within the same product experience. Henrique and I could not be more thrilled to have Andy Su and the rest of the Pry team join us here at Brex. Our values align very deeply, and we are excited to add such important capabilities to our platform. — Pedro Franceschi, Founder of Brex

Image Credit: BREX

I still remember when we first met Andy Su at the Y Combinator demo day in March 2021. After the one-minute pitch, it was immediately clear that he was working on something needed and necessary to help founders manage the cash flow and all the related financial stuff easily. And Andy and his team had the perfect experience, background, and expertise to fulfill that vision.

It didn’t take long to decide whether to invest: a meeting was enough to understand that he was the right founder, at the right time, and on the right product. His path so far, clarity, and awareness of him presenting Pry and his vision. A genuine, modest founder but determined to make you understand how much he truly believes in the product. And with the ability to pass it on to everyone who works with him.

Congratulations to Andy and his entire team, see you on your next adventure.

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We look for mission-driven founders, pre-product-market fit. We love to back distributed teams with HQ in Silicon Valley.

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Luigi Bajetti

Luigi Bajetti

General Partner & Founder at Lombardstreet Ventures, a VC Firm based in Menlo Park. Forging the Everdragons2 NFT.

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