Provenance closes pre-seed at $20M valuation, backed by Jackson Square and Glasswing
What's the deal? ProvenanceDealroom has a profile for this one. Try Dealroom →, a US-based startup with Turkish co-founders, has raised a pre-seed round at a $20 million valuation. Jackson Square VenturesDealroom has a profile for this one. Try Dealroom → led the round, with Glasswing VenturesDealroom has a profile for this one. Try Dealroom → also participating. The amount was not disclosed.
What does it do? Founded by Tuna Üsküdar, Arda Dinç, Chris Risio, and Prahaas Nukala, Provenance helps investment banks, private equity firms, and private credit companies review financial models faster and avoid costly mistakes. Its AI-powered system tracks changes across Excel and PowerPoint, showing what changed, who made the change, and why.
Who's backing it? Glasswing Ventures said it was excited to work with an "AI-driven work platform" that helps investment banking and private equity teams "work faster without sacrificing reliability." Jackson Square Ventures, whose Launchpad S26 cohort included the team, said it was building "the future of financial workflows" alongside the founders.
The signal: The backers are the story here. A pre-seed round drawing established investors such as Jackson Square Ventures and Glasswing Ventures signals early conviction in the team and product.
Why it fits the market: Recent pre-seed and early-stage valuations have clustered around $8 million to $20 million post-money, particularly for AI-focused startups with strong teams. That puts Provenance's $20 million valuation within an unsurprising band — but at the top of it, suggesting a serious product and team pitch rather than a routine early cheque.
The bigger picture: The deal adds to a run of Turkish-founded startups drawing international early-stage capital. It reflects continued investor appetite for AI tools aimed at the highly regulated, error-sensitive world of financial modelling.
Read more: swipeline.co
Image credit: Generated with Gemini
