ScaleFactor nets $2.5m funding round

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fintech insurtech wealthtech regtech ai cybertech esg news

Smart finance platform and accounting platform ScaleFactor has netted $2.5m in its funding round.

Backers to the investment round included Next Coast Ventures, Techstars Ventures, Firebrand Ventures, Matchstick Ventures, Edison Factory and Flyover Capital.

ScaleFactor integrates with existing cloud software to provide automation tools for bookkeeping, tax compliance, and financial analysis. The solution is used by 29 million small businesses within the US.

Austin-based ScaleFactor is powered by machine learning to help remove cycle times, and creates real-time accounting information.

This new line of equity will help the company to develop its technology to help automate bookkeeping and forecasting solutions.

Next Coast Ventures co-founder and managing director Mike Smerklo said, “Two of our investment themes focus on the future of work and full-stack software business models, and ScaleFactor’s product hits both of these right on the head.

“Their intuitive software platform doesn’t just empower better financial decisions by changing the nature of accounting and finance, it also streamlines business operations for human managers and creates a valuable experience for its users.”

The company recently participated in the Techstars Austin Accelerator in Spring of this year. An initial investment round was picked up by the company in 2015, where it secured $370,000.

Next Coast Ventures has previously invested into financial wellbeing platform Clarity Money. The company recently raised an $11m Series B led by RRE Ventures and Citi Ventures.

Copyright © 2017 FinTech Global

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