Automated bookkeeping software developer Botkeeper has netted $18m in its Series A round of funding.
Greycroft and Gradient Ventures, new investors into Botkeeper, contributed to the round. Existing investors including Ignition Partners and Halfcourt Ventures also made contributions.
Some of the other investors to the round include Sorenson Capital, Comcast CFO Julian Brodsky, Linkshare AI founder Stephen Messer, Lola CEO Mike Volpe, Accomplice partner Jeff Fagnan and professional basketball player Matthew Dellavedova
This financing round brings the company’s total equity rounds to $22.5m. Earlier in the year, the company closed a $4.5m seed round which was led by Ignition Partners.
Boston-based Botkeeper automates bookkeeping tasks through its machine learning, AI and human assistance processes. The solution access’ all of a client’s financial information such as banks, credit cards and accounting software, to track and schedule revenue and deferred expenses, account for payroll, send invoices and reconcile bank accounts, among other tasks.
The platform currently supports nearly 1,000 companies, and can be integrated with a client’s banks, credit cards, HR system and POS system.
Capital from this round will be used to grow its engineering, sales and marketing teams.
Gradient Ventures partner Muzzammil Zaveri said, “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.
“In the coming years, we expect AI to play an increasingly larger role in automating accounting and compliance functions.”
Alongside the investment, the company has appointed Chris Mahl as its new chief revenue officer and executive vice president. Prior to this role, Mahl has headed sales and strategy for companies which have gone onto have successful growth. Informatica and Salesforce held public exits, RightMedia and LevelUp completed M&A exits, while a number of other companies witnessed 10x growth, the company said.
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