Botkeeper closes $25m Series B as it looks to help improve accounting functions

Bookkeeping platform Botkeeper has closed its Series B round on $25m, as it looks to increase the size of its team.

The round was led by Point72 Ventures, with additional commitments coming from new backers High Alpha Capital, Republic Labs, Oakridge and Peak State.

Also joining the round was a number of existing Botkeeper investors such as Ignition Partners, Greycroft Partners, Gradient Ventures and Sorenson Capital.

With the capital injection, the company will look to form additional accounting partnerships and deploy its technology to more clients. The company also plans to increase the size of its development, engineering, sales and client success teams, and boost its research and development.

Botkeeper helps to automate various workflows including transaction categorisation and reconciliation. The company, which was founded in 2015, leverages AI technology to connect financial and non-financial data to improve accounting processes.

Botkeeper CEO, and co-founder Enrico Palmerino said, “I am absolutely thrilled to be partnering with such an impressive investor base.  Their track records and expertise in fintech and artificial intelligence will be beneficial to our product development and growth strategy.

“The additional funding will allow us to further our mission of building The Future of Bookkeeping and double down on engineering and product development for our accounting partners.”

The round close puts Botkeeper’s total equity fundraise to $47.5m.

Earlier in the week, Point72 Ventures contributed to the $21m Series A round of Philippines neobank tonik. The digital bank claims to be the first digital-only neobank in Southeast Asia, having recently received a banking license from the Philippines banking regulator.

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