Silicon Valley AI-powered finance concierge startup Zeni raised $34m in Series B funding after witnessing a 550% revenue growth year-over-year.
The round was led by Elevation Capital with participation from new investors Think Investments and Neeraj Arora and existing investors Saama Capital, Amit Singhal, Sierra Ventures, Twin Ventures, Dragon Capital and Liquid 2 Ventures. In conjunction with the funding, Ravi Adusumalli, Founder and Managing Partner at Elevation Capital, joined Zeni’s board.
The round follows a $11.5m Series A led by Saama Capital in March and a $2m seed round led by Twin Ventures in 2019, bringing Zeni’s total funding raised to $47.5m.
The company will use the funds to bring its intelligent bookkeeping and accounting platform and services to more customers by investing in its team in the US and India across product, technology, marketing, sales, and finance operations.
Led by Swapnil Shinde and Snehal Shinde, Zeni is a bookkeeping and accounting platform that provides real-time insights and flux analysis of a company’s key financial metrics via its AI-powered Zeni Dashboard, including Cash In and Cash Out analysis, Universal Search of transactions across a startup’s entire finance stack, Spend and Income Trends for every customer and vendor in their ecosystem, and more.
Today, the company manages more than $500m in funds each month across more than 100 startup customers, which range from pre-revenue startups to businesses generating more than $100m in annual revenue.
Zeni has seen a surge in interest during the pandemic as workplace conditions over the past year forced businesses to accelerate the adoption and deployment of digital solutions across the enterprise. According to a recent report from McKinsey & Company, based on surveys with more than 900 C-suite executives, workplace conditions over the past year forced businesses to deploy digital solutions, accelerating businesses’ transformation by up to three years. Swapnil said, “Startups and small businesses are fundamentally changing how they operate based on digital-first tools and services that are displacing the traditional, slow and human-intensive services across every category.” He added that startups are seeking to “digitize and automate their business finances” right out of the starting gate.
Swapnil further stated that “Zeni is tackling the root of startup risk — financial management — with a seamless blend of human finance experts and advanced AI, ML and robotic process automation technology, resulting in an incredibly fast, streamlined, intuitive way for startups to manage their finances.”
Echoing a similar sentiment, Snehal said, “Our focus at Zeni is to make financial management as seamless as possible for our customers, which carries over to the minimalist, intuitive product experience within the Zeni Dashboard. Every feature we introduce has an explicit purpose based on our customers’ needs, and is meticulously crafted to allow startup founders to find the answers to their questions in the most direct, actionable way possible.”
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