Team
76Two operators from a multi-entity finance team. Not famous. They have closed the books they are now automating.
Weight 30
Screening
Accounting agents for startups with more entities than accountants.
Two operators from a multi-entity finance team. Not famous. They have closed the books they are now automating.
Weight 30
Every startup past Series A acquires a messy entity map. The pain is weekly. Halcyon’s customers described it unprompted.
Weight 25
€900k ARR, 22 logos, monthly logo growth still high, revenue concentration low. Depth per account is the question.
Weight 25
Low. The ledger integrations are work, not a wall. Distribution through Halcyon would matter more than the model.
Weight 20
Investment memo
Screened 5 Oct 2026Pre-written. The replay is simulated.
Nimbus closes the intercompany mess that Halcyon then plans on top of. ARR €900k, seed of €6m, Barcelona. Thesis fit is the strongest of the new screens. The memo should not talk itself into a term sheet before we see one month of retained close quality.
Halcyon customers are asking for the layer underneath the forecast. We can either own that layer or watch someone else sit in our accounts.
Agents that reconcile entities, chase missing invoices, and draft the management pack. A human accountant remains the signer. The product is the chase and the tie-out, which is where the hours actually go.
Per-entity pricing. €900k ARR across 22 logos is wide and shallow. Gross margin 80%. If net retention after month six is below 110%, the seed math breaks and this is a feature, not a firm.
Advance the screen. Elena to sit with two Halcyon customers who tried Nimbus and one who churned off a spreadsheet and back. If the tie-out sticks, book a partner meeting in November.