Botkeeper raises $25 mn in Series B funding led by Point72 Ventures

Source: IBS Intelligence 2020-06-19

US-based AI-powered Bookkeeping company Botkeeper has announced that the company has raised $25 million in Series B funding led by Point72 Ventures, the global venture capital firm backed by prominent investor Steve Cohen. The investment round saw participation from new investors including High Alpha Capital, Republic Labs, Oakridge, Peak State and existing investors Ignition Partners, Greycroft Partners, Gradient Ventures, Sorenson Capital. The funding brought the company’s total investment to $47.5 million.

Botkeeper is panning to use the finance to continue accelerating its mission in the accounting industry, with a focus on accounting partnerships, introducing its sophisticated AI-powered bookkeeping to new firms around the country, and bolstering its development, engineering, sales, and client teams.

The investors bring together a powerful blend of specialities to the table such as product and strategy expertise, Artificial Intelligence and financial services proficiency, SaaS Startup growth mastery, and command on Accounting industry knowledge.

The need to augment the traditional back-office bookkeeping operations continues to rise to meet the growing demand for better automation and virtual choices. The unprecedented COVID-19 has driven the increasing need for automation that enables higher efficiency, better capacity, sustainable economies of scale which in turn has resulted in intense pressure being put on Accounting Professionals, who have been continuing to operate as essential business providers. The need for business’s financials to be accurate, up-to-date, and easily accessible for decision making is more than ever.

“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,” said Enrico Palmerino, CEO, and Co-founder, Botkeeper.

Wave Financial launches Wave Money, a small business banking and bookkeeping solution.

Botkeeper has successfully automated repetitive and predictable tasks like transaction categorization and reconciliations while the complex and unpredictable tasks that require critical thinking are handled by their team of skilled accountants and bookkeepers.

“Botkeeper has seen incredible growth as they bring AI and automation to bookkeeping and back-office operations. I am excited to work with Enrico and his talented team as they continue to scale and create the future of bookkeeping,” said Scott Dorsey, Co-Founder and Managing Partner at High Alpha.

Founded in 2015, Botkeeper provides automated bookkeeping support to businesses and accounting firms by using a powerful combination of machine learning, artificial intelligence, and skilled accountants.

Botkeeper

Botkeeper raises $25 mn in Series B funding led by Point72 Ventures

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