I shrugged it off, “I’m not an accountant.” In my mind, CFOs were in-house, full-time, compliance-focused, audit-ready and deeply technical. I was a strategic adviser, not a finance executive.

But that comment stuck. Not because I was going to take the job, but because it challenged my own assumptions. Maybe the definition of a great CFO had evolved.

Great CFOs are business operators disguised as finance leads

Today’s CFOs are no longer financial historians. They’re business thinkers who understand how to turn capital into outcomes.

, for example, wasn’t a CPA when he joined as CFO. He came from ’s operations team. What he brought wasn’t audit expertise, it was operational insight, scale experience and a deep understanding of growth metrics. During Airbnb’s toughest years, that commercial mindset made all the difference.

Financial fluency is necessary, but strategic judgment is priceless

CFOs still need to understand unit economics, cash flow dynamics and shareholder expectations. But more importantly, they need to know which levers to pull and when.

Budgeting is one thing, prioritizing is another. Do we hire 10 more sales reps? Extend our runway by 6 months? Raise a new round, sell the company, or wait? These are the real questions founders face. And a great CFO helps answer them, not with theory, but with grounded insight and scenario planning.

The best CFOs bring clarity to chaos

Startups are messy. There’s too much data, too many bets and constant change. A CFO’s role is to bring structure, not through bureaucracy, but through focus.

The strongest CFOs help teams make better decisions faster. They simplify complexity, define healthy KPIs and create alignment between vision and execution. They’re not just asking “How much are we spending?” they’re asking “Is this moving the business forward?”

When I work with founders, this is where I spend the most time: bringing financial perspective to strategic conversations.

In a world where capital is scarce and execution speed matters, the role of the CFO has become far more entrepreneurial. You don’t have to be a CPA to be a great CFO. But you do need to think like a founder, and act like a partner.

is a strategic adviser to tech companies and investors, specializing in strategy, growth and M&A, a guest contributor to Crunchbase News, and a seasoned lecturer. Learn more about his advisory services, lectures and courses at . for further insights and discussions.

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July saw its fair share of big rounds — and then some. Startups needed to raise $200 million or more to make this list. While we saw a lot of the regular sectors like biotech and financial services represented, we also saw some big deals involving supply chain and automotive startups.

1. , $300M, robotics: The good year for robotics startups continued. Skild AI became the latest such startup to raise big, locking in a $300 million Series A led by ,, and , through his . The funding brings the company to a valuation of $1.5 billion. The Pittsburgh-based startup isn’t building robots, however, it’s building robot brains. The theory is that those brain models can then be used in a variety of robots and for different tasks — instead of just having one application. It seems a lot of big-name investors agree with that strategy.

2. , $277M, biotech: Every month there seems to be big biotech raises, and this one’s no different. Element Biosciences raised more than $277 million in a Series D led by . The San Diego-based biotech startup is focused on developing DNA sequencing and multiomics technology for research markets. Founded in 2017, the company has raised $678 million, .

3. , $260M, biotech: Cardurion Pharmaceuticals raised a $260 million Series B financing led by . The Burlington, Massachusetts-based biotech startup is focused on  developing therapeutics for the treatment of cardiovascular diseases. Founded in 2017, the company has raised more than $600 million, .

4. (tied) , $250M, entertainment: Entertainment and technology are intersecting more than ever — and Cosm is just the latest example. The Sphere-like immersive tech and entertainment company locked up a raise of more than $250 million from the likes of and . The new round values the Dallas, Texas-based company at more than $1 billion. Cosm offers guests an immersive dome that allows a shared reality experience, usually with something regarding sports. The company already has a venue in Los Angeles and others planned for Dallas and Atlanta.

4. (tied) , $250M, film: Regal, the second-largest movie theater chain in the U.S., makes the list this month after it secured $250 million to upgrade its locations. The Tennessee-based company is looking to add to its 425 theaters across the country — with enhancements that include luxury recliners and other amenities. Regal is owned by , which emerged from bankruptcy with a financial restructuring process last year. Investors were not disclosed.

6. , $242M, financial services: Retirement planning is big business and it also can apparently produce big valuations. San Francisco-based Human Interest offers small businesses the ability to more easily offer 401(k) plans to their employees. The company locked up a $267 million round led by investment firms and that values the company at $1.3 billion. The round included $25 million of debt. The company said it recently surpassed $100 million in annual recurring revenue. Founded in 2015, Human Interest says it has raised more than $700 million in total primary and secondary financings.

7. (tied) , $200M, financial services: Wealth tech startup Earned Wealth raised a $200 million investment led by and . The company offers medical professionals financial planning, tax planning and investment advice on one platform. The new cash is expected to go toward acquisitions. Founded in 2021, the New York-based company has raised $212 million, .

7. (tied) , $200M, healthcare: HarmonyCares, a provider of in-home primary care, raised one of the biggest rounds of the month to expand its operations. The Troy, Michigan-based healthcare company closed a $200 million round led by , and a large unnamed national payor. The firm operates home-based primary care practices in 15 states — offering services such as home health, hospice, radiology and laboratory — and will look to grow its geographical reach across the U.S.

7. (tied) , $200M, supply chain management: Altana AI, a supply chain management startup, locked up a $200 million Series C investment led by the that values the company at $1 billion. The New York-based startup’s supply chain management platform gives customers deep insights and visibility into managing their global value chains — from the sourcing of raw materials to production to sale. Such oversight has become necessary as governments and organizations have introduced new trade restrictions, climate, national security and other policies. Much like most startups that raise big money in the current environment, Altana has an AI play. The company’s platform uses AI to analyze data points through the supply chain to spot anomalies and risks. Founded in 2018, the company has raised $322 million, . Before the new round, it last raised a $100 million Series B led by in 2022.

7. (tied) , $200M, space: Space startup raised a fresh $200 million round to build out its Omega satellite program. The new round was co-led by and . The San Francisco-based startup develops small broadband communications satellites for telecoms, and plans to have more than 100 of its first-generation satellites operating in orbit by 2030. While Astranis did not release a valuation number, the company raised a $200 million round at a $1.6 billion valuation in April 2023, in a deal also led by Andreessen Horowitz. Space startups have done well this year as satellite and communication companies continue to attract new investment. So far in 2024, space-related startups have raised more than $3.7 billion, per Crunchbase . Such startups raised about $5.9 billion through all of last year — putting this year’s venture funding ahead of that pace. Founded in 2015, Astranis has raised more than $750 million, per the company.

7. (tied) , $200M, automotive: Providing a software platform to the retail automotive industry may not be the sexiest of technology plays, but it obviously can make a valuable company. Pleasanton, California-based Tekion, whose software connects manufacturers, retailers and others, raised a $200 million growth equity round from that values the company at more than $4 billion. that the startup now has between $100 million and $200 million in revenue. Founded in 2016, the company has raised $635 million, .

Big global deals

The biggest round outside the U.S. in July came from our neighbors to the north.

• Vancouver-based legal tools platform locked up a $900 million Series F led by at a $3 billion valuation.

Methodology

We tracked the largest rounds in the Crunchbase database that were raised by U.S.-based companies for the month of July 2024. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the month.

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First Republic Bank became the third regional bank in less than two months to fail — joining SVB and New York-based — as many fear the banking contagion will continue to spread.

While not having the same tight associations with the tech industry as SVB, First Republic Bank did have an expanding technology division and served as the bank of a growing number of startups.

That likely was one reason the bank moved quickly during the collapse of SVB to shore up its own house, receiving funding from the and JPMorgan Chase to bring its reserves to $70 billion. 

In the end, that was not enough to assure clients, as the bank reported it had lost $102 billion in deposits in the first quarter — more than half of what it held at the end of last year.

Tech and banks

JPMorgan Chase will now take over First Republic’s $229.1 billion of assets and $103.9 billion in total deposits, as well as 84 offices in eight states.

The move likely will not ease concerns in the tech community, as all three banks had significant ties to the industry. 

SVB had relationships with more than 50% of all venture-backed companies in the U.S. and countless VC firms, while Signature Bank — mainly known for its real estate division — also had significant venture lending and crypto ties. 

Just on Friday, the a report on SVB’s collapse, concluding it was due to bank management’s inability to manage risk properly, and lax Fed supervision and regulation.

It also said SVB’s issues showed “systemic consequences through contagion” that can occur regardless of a bank’s size and role in the financial network.

That becomes truer by the day.

Further reading:

SVB Collapse ‘A Textbook Case Of Mismanagement’ — Fed Report

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But a rank of new apps hope to change that.

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In the last few years, apps like , , , and —among countless others—have infiltrated the consumer “save and invest” space. Essentially, where savvy savers of yesteryear might open a taxable account with thousands of diligently-saved dollars, investing today requires little more than a few dollars to start.

While this new class of investment apps slightly differ in branding and investment strategies, all of these startups aim to strengthen people’s financial knowledge while making investing accessible to all.

The pioneer of the “round up” saving and investing app scene, , is currently the largest and most popular micro-investing app around. By linking your debit and credit cards, Acorns will round up your small purchase amounts—avocado toast included—and invest the difference. The typical Acorns user makes less than $100,000 per year.

“We think of it as the easiest way to save and invest,” CEO Noah Kerner tells Crunchbase News. “You answer a couple of question to help us build your portfolio based on your risk tolerance—we have five portfolios, ranging from conservative to aggressive— all comprised of ETFs,” a theory designed by Nobel Prize-winning economist Harry Markowitz.

“So you’re not picking stocks yourself, which is very important,” Kerner stressed.

This is called “passive investing,” and is likely the quickest and easiest way to get into investing without having too much experience or resources. It’s perfect for a debt-laden millennial just starting out in their financial career.

Kerner noted that Acorns’ major goal is getting the average user to save every unspent penny.

Acorn And Friends

Next up is Stash, a New York City startup that’s similar to Acorns in that it helps you microinvest small amounts. However, there are no roundups involved; instead, you’re encouraged to invest based on your values.

If you’re a renewable energy advocate, you can pick a complementing portfolio to your general ETFs and invest in clean energy stocks. Given that the average Stash investor is 29-years-old with household income of $45,000 per year, the millennial-geared marketing makes sense.

Cofounder and CEO noted that with millennials being so cause-focused, Stash customizes portfolios with focus on their passions, without having to pick individual companies to invest in. Choices include stocks in clean energy, tech innovation, or “defending America,” in which you can invest in patriotic, weapon-providing companies.

Indeed, customization is probably one of the most wide-reaching trends in finance tech at the moment.

“There’s a lot of focus on delivering insight and experiences to customers based on who they are, instead of bombarding them with every possible bit of information or feature available,” Valarie Hamm Carlson, Vice President of Brand of the digital bank Simple, told us.

“We’re leveraging what we know about our customers,” Carlson continued. “Both in terms of their usage of our product but also their mindsets, to drive our design and roadmap.”

According to Stash’s youth-heavy stats, the company currently has more than 1.2 million customers spread across the U.S., with 86 percent having no prior investing experience.

“Through Stash, this community is given the tools to not only break into the investment world but also develop smart financial habits for the long-term,” the company told Crunchbase News.

“Investment apps are a great way for Gen X and Y to get started with investing,” Abraham Okusanya, Founder of investment & retirement research firm FinalytiQ, told Crunchbase News. “They make investing really easy and accessible, literally at your fingertips.”

However, Okusanya noted, that the sums invested are minuscule.

“This type of investing doesn’t go far enough to amount to any meaningful amount on their own, but at least it’s a start,” he said. “The danger is that the user gets deluded into thinking they are investing. It’s a way to dip one’s toes in, with very little consequence.”

Both Acorns and Stash cost $1 a month for small accounts, and 0.25 percent after an account reaches $5,000.

“There issue with the cost is that for many users, at that rate they’ll need about $5,000 in rounded-up amounts for the account to be cost-effective,” Okusanya explained. “That’s a lot of rounding up!”

Trust

With Acorns and Stash having already established themselves on the scene, up-and-coming financial apps must rely not only on branding but gaining new users’ trust.

“We’re helping people feel confident with their money,” Carlson said of Simple. “That means we’re pretty realistic about the relationship they have with their finances and design our product to meet them where they’re at.”

As for the others in this space, while diverse portfolios make up the bulk of their offerings,  investment platforms such as the mobile-Robinhood boasts itself as the first “completely free” app for trading individual stocks. This gives the app a new twist on investing, considering users’ accounts don’t have maintenance fees or trade commissions.

But there is a catch to the free ride. Robinhood doesn’t offer investment research or portfolio advice, making it tricky to use for an investing newbie.

Whether investment apps can help millennials “get into” long-term investing is still too early to call, Okusanya said.

“I think there’s a place for these apps,” Okusanya said. “Frankly, it’s hard to really say whether they are ultimately good or bad. Only time will tell.”