Botkeeper Brings the Future of Bookkeeping With $25 Million Series B Sallie Halsey 12 comments
Research and development, partner growth enablement, and user experience are our core focuses for 2021. And as the back office operations become more important than ever, Botkeeper will double down on product innovation to continue assisting our current and new Accounting Partners. This announcement comes as the need to augment the traditional back-office bookkeeping operations continues to grow alongside the demand for better automation and virtual choices. The increasing need for automation that enables higher efficiency, better capacity, and sustainable economies of scale being driven by COVID-19 has resulted in increasing demands being put on accounting professionals, who have been continuing to operate as essential business providers. At a time when a majority of businesses are under intense pressure to stay alive, it becomes absolutely imperative to ensure the business’s financials are accurate, up-to-date, and easily accessible for decision-making.
What does the future of automation in bookkeeping and accounting look like?
Accounting Professionals are facing unprecedented pressure to deliver service and guidance quickly, reliably, and efficiently while keeping their employees safe—and automation is the key to meeting those challenges. This announcement comes as the need to augment the traditional back-office bookkeeping operations continues to rise to meet the growing demand for better automation and virtual choices. The increasing need for automation that enables higher efficiency, better capacity, sustainable economies of scale being driven by the COVID-19 has resulted in increasing demands being put on Accounting Professionals, who have been continuing to operate as essential business providers. At a time when a majority of businesses are under intense pressure to stay alive, it becomes absolutely imperative to ensure the business’s financials are accurate, up-to-date, and easily accessible for decision making. Accounting Professionals are facing unprecedented pressure to deliver service and guidance quickly, reliably, and efficiently while keeping their employees safe- and automation is the key to meeting those challenges.
“I am excited to work with Enrico and his talented team as they continue to scale and create the future of bookkeeping.” “Botkeeper has built a solution capable of supporting companies of all shapes and sizes- startups through Fortune 5000 companies. After hearing raving reviews from clients at both ends of the spectrum, it was obvious that botkeeper had pulled it off,” said Mark Terbeek, Partner at Greycroft. “We quickly decided that we needed Botkeeper ourselves, and needless to say, we saw the value overnight. Every company needs great bookkeeping, but all too often we see companies who still struggle to get it done right. We are thrilled to partner with a world-class company like botkeeeper that can get it right- every time.” We embraced the notion that growth in accounting—for firms, accountants, CFOs, consultants, and everyone else in the industry—was growth for our economy. What we were building with the Botkeeper platform was directly related to the success of people and business, from Fortune 500 companies down to sole proprietors who are just getting started with their entrepreneurial dreams. But our savvy team was determined to make a splash with the revolutionary technology they were building; they knew bookkeeping could be easier and less prone to error—and that accountants needed such a solution ASAP.
“This funding round is a testament to the Botkeeper team and solution radically transforming the accounting industry,” said Kellan Carter, Partner at Ignition, and one of the existing original investors at Botkeeper. “It’s been a privilege seeing the team’s vision for the future of bookkeeping come to fruition since the original investment in late 2017.” “Botkeeper has seen incredible growth as they bring AI and automation to bookkeeping and back-office operations,” said Scott Dorsey, Co-Founder and Managing Partner at Botkeeper Raises $25 Million In Series B To Continue Helping Cpa Firms Thrive High Alpha.
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Botkeeper is developing AI to help automate bookkeeping and broader accounting functions for businesses. The platform easily integrates with a client’s banks, credit cards, HR system, and POS system, and makes appropriate entries and adjustments to their Quickbooks or Xero accounts, providing businesses with a 24/7 AI-driven botkeeper. The new-age software platform coupled with skilled accountants helps to automate common bookkeeping workflows for accounting professionals through the use of machine learning and AI. “We could not be more excited for the great partnership with our new and existing investor teams,” said Chris Mahl, President, and CRO at Botkeeper. “We could not be more excited for the great partnership with our new and existing investor teams,” said Chris Mahl, President, and CRO at Botkeeper. Before looking to the (not-so-distant) future, let’s rewind a bit and look at how everything has evolved to this stage.
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Soon after their Series A round in November 2018, Botkeeper invested heavily in developing partnerships with Accounting firms to accelerate the deployment of automated bookkeeping to businesses throughout the US. By April 2020, Botkeeper had successfully brought on 10 top 400 Accounting Firms partners, and are on track to be supporting thousands of businesses on the Botkeeper Platform by the end of 2020. Botkeeper was founded by a team of entrepreneurs who suffered the same bookkeeping challenges experienced by most small and mid-sized businesses. We realized the primary issue with bookkeeping was the tedious, manual, and repetitive data entry combined with the lack of meaningful visualization and analytics of important data.
That means more additions to our library of innovative accounting tools like Transaction Manager and Smart Connect. It also means we’ll have extra resources available for an even more thoughtful approach to user feedback, creating new solutions to existing and predicted challenges. To be more specific, the future of accounting depends on technology that’s purpose-built for the industry. That’s exactly what we’re focused on at Botkeeper, and this investment will help keep us on course toward achieving our goal of transforming accounting for the better. Boston-based Botkeeper, an AI-powered bookkeeping company, has raised $25 million in Series B funding.
Research and development, partner growth enablement, and user experience are the core focuses for 2021. This new infusion of capital will enable Botkeeper to continue accelerating its mission in the Accounting industry, with a focus on Accounting Partnerships, introducing its sophisticated AI-powered bookkeeping to new firms around the country, and growing its development, engineering, sales, and client success teams. Botkeeper combines artificial intelligence, machine learning and its own skilled accountants to provide automated bookkeeping support specifically to accounting firms. It raised $25 million in Series B funding in June 2020, and $18 million in Series A funding in December 2018. BOSTON, June 18, 2020 /PRNewswire/ — Botkeeper, a leading US-based AI-powered Bookkeeping company, today announced that it has raised $25 million in Series B funding, bringing its total funding to $47.5 million.
Gradient Ventures is Google’s AI-focused venture fund – investing in and connecting early-stage startups with Google’s resources, innovation, and technical leadership in artificial intelligence. The fund focuses on helping founders navigate the challenges in developing AI-based products, from leveraging training datasets to helping companies take advantage of the latest techniques, so that great ideas can come to life. We also plan to put these funds toward bringing more unity to the accounting industry through strategic partnerships that examine and predict the road ahead. We believe that the most powerful tool accountants have available is their own creative thinking, and these strategic relationships will take accounting thought leadership to new, unexplored depths. The company plans to use the money to expand its platform and customer success teams, and for strategic partnerships.
Botkeeper Brings the Future of Bookkeeping With $25 Million Series B
Human error, unexpected life events, and a lack of scalability make humans very inefficient at bookkeeping. However, if we could improve this experience with software, we might be able to solve this dilemma. We wanted to build a more accurate, more affordable, and highly scalable bookkeeping solution that would be excellent at automating data entry accurately and would work 24/7. Automation that is exceptional at following rules and accounting policies consistently and precisely. Technology that can visually render unlimited reports, dashboards, and charts that represent the future of bookkeeping as we know it.
- The company plans to use the money to expand its platform and customer success teams, and for strategic partnerships.
- Botkeeper, a leading US-based AI-powered Bookkeeping company, today announced that it has raised $25 million in Series B funding, bringing its total funding to $47.5 million.
- Additional investors include High Alpha Capital, Republic Labs, Oakridge Management Group, Peak State as well as existing investors Ignition Partners, Greycroft Partners, Gradient Ventures, Sorenson Capital.
- Botkeeper’s AI-driven platform helps automate common bookkeeping workflows, provides answers to client questions, and can request more info when necessary much the same way a regular bookkeeper would.
Founded in 2015, Botkeeper’s vision (and slogan) was to build and deliver the Future of Bookkeeping. Accounting firms love Botkeeper because it allows them to focus their time on client service, advisory, complicated accounting, and exception handling. As the back office operations become more important than ever, Botkeeper will double down on product innovation to continue assisting its current and new accounting partners. This new infusion of capital will enable us at Botkeeper to continue accelerating our mission in the accounting industry, with a focus on Accounting Partnerships, introducing our sophisticated AI-powered bookkeeping to new firms around the country, and growing our development, engineering, sales, and client success teams.
- During these past few years, “automated bookkeeping” has become a trending buzzword.
- Research and development, partner growth enablement, and user experience are our core focuses for 2021.
- Additional investors include High Alpha Capital, Republic Labs, Oakridge, Peak State as well as existing investors Ignition Partners, Greycroft Partners, Gradient Ventures, Sorenson Capital.
- This new infusion of capital will enable Botkeeper to continue accelerating its mission in the Accounting industry, with a focus on Accounting Partnerships, introducing its sophisticated AI-powered bookkeeping to new firms around the country, and growing its development, engineering, sales, and client success teams.
That’s the exact reason why the highly competitive round managed to attract a half dozen term sheets and a dozen-plus eager participants, resulting in a signed term sheet within 35 days, and successful close in 59 days- the entire process having been conducted completely virtually. That’s the exact reason why the highly competitive round managed to attract a half dozen term sheets and a dozen-plus eager participants, resulting in a signed term sheet within 35 days, and successful close in 59 days- the entire process having been conducted completely virtually. Botkeeper has its roots in Founder Enrico Palmerino’s experiences running an accounting business, where he saw firsthand the pain points business owners face in managing the books. “At Botkeeper we’re focused on bringing simplicity and dependability to the bookkeeping process, so business owners can focus on running their business,” says Enrico. From our angel round of funding to this most recent Series C of $42 million, it’s clear that the industry is hungry for more innovation and automation. And to be sure, we take that responsibility seriously and are committed to using every last resource available to continue bringing accounting to the next level.
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The round was led by Point72 Ventures, the global venture capital firm backed by prominent investor Steve Cohen. Additional investors include High Alpha Capital, Republic Labs, Oakridge, Peak State as well as existing investors Ignition Partners, Greycroft Partners, Gradient Ventures, Sorenson Capital. The contributing teams bring a powerful blend of specialties to the table such as product and strategy expertise, AI and financial services proficiency, SaaS Startup growth mastery, and command on Accounting industry knowledge.