Botkeeper Raises $25 Million in Series B to continue helping CPA firms thrive
The Boston-based Botkeeper Raises $25 Million In Series B To Continue Helping Cpa Firms Thrive company currently supports nearly 1000 companies, and plans to use the funds to grow across engineering, sales, and marketing. That is why we are committed to attracting, developing and retaining individuals who reflect our inclusive culture with rewarding careers in legal and business services across our global offices. Let’s jump into some of the details about this big news for accounting automation.
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The main focus of our technology has always been on offering an affordable, scalable, accurate, and efficient solution with best-in-class support. We talked with countless accounting firms and business owners about what they truly needed to be successful, and we ran with their suggestions. That led us to evolving our platform to better fit their needs—particularly CPAs and accounting firms that were struggling to provide their own clients with essential accounting and advisory services. BOSTON, June 18, 2020 — 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. The round was led by Point72 Ventures, the global venture capital firm backed by prominent investor Steve Cohen.
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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.
- 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.
- 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.
- The round was led by Point72 Ventures, the global venture capital firm backed by prominent investor Steve Cohen.
- The round was led by Point72 Ventures, the global venture capital firm backed by prominent investor Steve Cohen.
What This Series C Means for Botkeeper & the Accounting Industry
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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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.
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But this big announcement gives us the boost we need to make the future of accounting the industry standard. Headquartered in the heartland, High Alpha was the only Indiana-based venture firm represented on the inaugural list from TIME and Statista. We can’t say this enough—a huge thank you to all of you who have provided us with important feedback throughout our years. Botkeeper wouldn’t be what it is without the amazing and constructive communication that we have had with you.
AI Bookkeeping Startup Botkeeper Raises $18M Series A led by Greycroft
“Machine learning is transforming key workflows across accounting, and Botkeeper represents the future of AI-assisted bookkeeping. We’re excited to work with Botkeeper in helping make this process easier, efficient, and more accurate for accounting professionals,” said Gradient Ventures Partner Muzzammil “MZ” Zaveri. “In the coming years, we expect AI to play an increasingly larger role in automating accounting and compliance functions.” 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. 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.
Kadence, a workplace operations platform, announced today that it has raised a $20 million Series A, to advance the future of hybrid work. The funding round was led by Grand Oaks Capital, which was founded by Paychex founder Tom Golisano, who will join Botkeeper’s six-person board of directors. At Squire Patton Boggs, we are committed and passionate about driving forward a culture of progress within our firm and within the communities where we practice. We champion open dialogue and collaboration and focus on our commitment to ensuring access for all.
- 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.
- “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.
- 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.
- We remain dedicated to creating a secure, intuitive, and gratifying solution for our partners and clients in the future.
The most powerful discussions were those of motivation from the community of business owners and CPAs who validated that this kind of all-in-one solution was not only needed and missing from many modern organizations—but in essence, it was vital to their growth. During the next few years, we learned a lot about the challenges experienced by CPA firms and their clients and evolved our platform to meet those needs. Our product matured, and our growth and success teams were reformed to not only help our partners and clients master our solution—but also to use it as a force multiplier for growth. 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.
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.