Canadian Hubdoc scores $4.85m seed funding

Canada-based accounting app Hubdoc has scored $4.85m in a seed funding round led by BDC IT Venture Fund and Round 13 Capital.

The company is an accounting and bookkeeping app, using machine learning and computing to automate financial document collection and processing.

With the capital, Hubdoc hopes to continue growth in North America, Australia and the UK, and to further innovate accounting automation.

Alongside this growth, the company plans to hire more staff in product development, machine learning, sales and marketing roles.

Hubdoc co-founder and co-CEO Jamie Shulman said, “We’re in the early innings of the global shift to cloud accounting.

“Accounting firms and businesses all over the world are transitioning away from paper-based processes and offline applications, and into the cloud. Customers are relying on Hubdoc to facilitate that shift.”

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