Cloud technology firm Botkeeper, which provides automated bookkeeping solutions to accounting firms, has raised $42m in Series C funding.
The round was led by Grand Oaks Capital, an investment firm founded by Paychex founder and chairman Tom Golisano. Golisano will take a seat on Botkeeper’s six-member board of directors.
The bookkeeping platform closed its Series B round on $25m last year.
Botkeeper’s machine learning and software allows accounting firms to increase productivity through automating repetitive and predictable tasks such as transaction categorisation and reconciliations. More complex tasks that require critical thinking, meanwhile, are augmented by skilled accountants.
The company said it intends to use the funds for the expansion of its platform, customer success teams, and strategic partnership initiatives.
Since its launched in 2015, Botkeeper said it has seen rapid growth, having expanded its services to over 200 accounting firms and more than 5,000 small businesses throughout the US. The company said that the Botkeeper Operating System (BOS) has improved otherwise archaic accounting processes through machine learning, integrations, and software workflow optimisation.
FinTech company Bizzi, which also helps companies automate financial processes through robotic process automation technology, netted $3m in funding earlier this year.
With this recent funding round, Botkeeper will be “doubling down” on its automation and platform roadmap, while continuing to collaborate with industry leaders to help firms of all sizes support their clients and communities.
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