This Startup Transforms Complex Data into Simple Insights for SMEs – Modeliks Startup Review

For startup founders and small to medium business owners, financial planning can be a complex and challenging task. With so many responsibilities to juggle, it’s easy to get bogged down in the details and miss the insights that are most important for growing the business and impressing investors.

Meanwhile, business and financial advisors are tirelessly seeking effective tools that simplify their workload, but many existing solutions complicate more than they clarify.

Modeliks emerge as a breath of fresh air in this chaotic landscape. This startup capitalises on the opportunity to simplify complex data through its innovative financial and business planning software. With unique features like driver-based financial planning and custom dashboards, Modeliks enables every user—whether a founder or an advisor—to make informed decisions confidently.

To get deeper into how Modeliks is changing the game for startups and SMEs, we did an interview to find out more about their journey.

What is Modeliks?

Modeliks is a financial and business planning software designed specifically for startups and SMEs. This tool addresses the challenges faced by founders, business advisors, and accountants in creating investor-ready pitch decks and professional financial models. Users can easily compile comprehensive reports through automated dashboards, streamlining what can often be a tedious process.

The primary problem Modeliks solves is the complexity of data analysis and reporting. For instance, when a founder needs to convey financial performance to potential investors, Modeliks simplifies these tasks. Through its driver-based financial planning feature, users can create accurate projections and budgets, allowing them to focus on strategic decision-making.

What sets Modeliks apart is its unique methodology for financial modelling. Unlike traditional software, it offers custom dashboards that tailor the data visualisation to user preferences, making information easily accessible and digestible. This adaptability ensures that both financial advisors and founders can gain insights suited to their specific needs, empowering them to act confidently and effectively in a competitive environment.

Overall, Modeliks redefines the way financial data is managed for startups and SMEs, transforming complexity into clarity and supporting strategic growth.

Modeliks Founders

At the helm of Modeliks is Blagoja Hamamdjiev, a seasoned financial expert whose keen eye for identifying challenges in the business landscape led him to establish this innovative startup. With over 15 years of experience in finance, he recognised a pressing need for streamlined financial planning tools tailored specifically for startups and SMEs. His vision attracted a team of talented individuals, including financial specialists like Nikolas Huy from Germany and Camillo Schobesberger from Abu Dhabi, each bringing their unique perspectives and expertise to the founding table.

The early days of Modeliks were marked by challenging technical hurdles. As the team sought to develop a user-friendly financial planning software, they faced the daunting task of simplifying complex functionalities. One of the most significant challenges was ensuring that the learning curve wouldn’t deter potential users. To tackle this, the founders produced comprehensive guides, both written and visual, alongside making thoughtful adjustments to the app’s user experience and interface, ensuring that even those with limited technical knowledge could effectively utilise Modeliks.

The inspiration to dive into this specific industry stems from the founding team’s wealth of collective experience and their adeptness at spotting opportunities. The combination of their backgrounds in finance and technology allowed them to see beyond traditional methods, recognising a gap in the market that Modeliks could fill. Empowered by this shared understanding, they committed themselves to creating a solution that not only simplifies data analysis but transforms it into actionable insights for its users.

As Modeliks took shape, the founders deliberated extensively on the product roadmap with their technical partner, carefully crafting a unique driver-based methodology for financial modelling. This distinct approach not only set Modeliks apart from existing solutions but also ensured that it resonated with the needs of both financial advisors and startup founders. With a clear vision and dedicated teams working in tandem, the foundation was laid for a platform that promises to redefine financial planning for small and medium enterprises.

Interview with Ivo Ivanovski, Commercial Director of Modeliks

I had the opportunity to interview Ivo Ivanovski, the Commercial Director at Modeliks, who shared some intriguing insights into the startup’s journey and future plans.

Q: Tell us about your background and role at Modeliks.
A: I am Ivo Ivanovski, and I represent Modeliks as the Commercial Director.

Q: Could you summarise what Modeliks does?
A: Modeliks is a financial and business planning software designed for startups and SMEs. It assists users in creating investor-ready pitch decks and business plans, building professional financial models, and generating reports for investors through automated dashboards. Essentially, it makes complex data easy to understand and use.

Q: Who is your target audience and what primary problem does your product solve for them?
A: Our target audience includes founders of startups and SMEs, business and financial advisors, and accountants. The core problem Modeliks aims to solve is simplifying complex data and transforming it into actionable insights. This allows our clients to make confident decisions effortlessly.

Q: Could you tell us about some key features of Modeliks?
A: Certainly! Some of the standout features include driver-based financial planning, management and investor reporting, and custom dashboards. These functionalities make budgeting, tracking, and reporting much simpler.

Q: Tell us about the founding team and their inspiration.
A: The founding team is led by Blagoja Hamamdjiev, a financial expert with over 15 years of experience who identified the need for a specialised tool like Modeliks. His team includes other financial experts like Nikolas Huy from Germany and Camillo Schobesberger from Abu Dhabi. Collectively, they saw an opportunity to create a solution that addresses the challenges in financial planning for startups and SMEs.

Q: What were the early challenges of Modeliks and how did you overcome them?
A: The early days were fraught with technical challenges, particularly in simplifying the software. Ensuring a smooth user experience was a significant hurdle. We addressed this by producing comprehensive written and visual guides and tweaking the user interface to make the learning curve less steep.

Q: What makes Modeliks different from its competitors?
A: Modeliks stands out due to its unique driver-based methodology for financial modelling. This approach adapts to the user’s specific needs, offering a tailored experience that is both effective and user-friendly.

Q: Has Modeliks received any external funding, and what are its future plans?
A: Yes, Modeliks has received external funding. The most recent round amounted to $1 million USD. Looking ahead, we plan to launch Modeliks 2.0 around late summer/autumn 2024, which will include multidimensional planning, accounting integrations, and localisations.

Q: Can you share some revenue figures and growth metrics?
A: Currently, we serve over 500 customers on average per month. However, specific revenue figures and growth percentages are not disclosed.

Q: What advice would you give to aspiring entrepreneurs?
A: Ideas are everywhere, but execution is rare. Stay focused, and remember that turning an idea into a viable business requires persistence and hard work.

Feedough’s Take on Modeliks

Modeliks stands out as a great solution in the startup ecosystem. It brilliantly demystifies financial complexities for startups and SMEs, making it easier to transform raw data into strategic decisions. Its user-friendly approach and custom dashboards are standout features, vital for those aiming to impress investors or refine their financial strategy.

Looking forward, Modeliks can potentially disrupt traditional financial planning practices by making sophisticated tools accessible. Challenges may arise, such as staying ahead of technological advancements and adapting to evolving market needs. Nonetheless, Modeliks appears well-equipped to tackle these challenges and foster growth and clarity in the financial planning domain. Their forward-thinking approach is something to watch!