ScaleFactor, a smart finance and automated accounting platform, has raised $30m for its Series B round.
The equity round was led by California-headquartered Bessemer Venture Partners. Other firms taking part in the series include Canaan, Broadhaven Ventures, Firebrand Ventures and multiple prominent angel investors, all of whom previous backed ScaleFactor’s Series A.
Last year, the company pulled in $40m for its Series A round which was led by Canaan Partners.
With the funds from the new round, ScaleFactor will look to launch new features and hire more staff got its Austin headquarters. The company is also hoping to expand its footprint across the US.
ScaleFactor integrates with cloud software to help automate accounting and bookkeeping tasks. Its solution is designed to simplify back-office tasks such as bill payments, invoicing, financial reporting, expense management, cash forecasting, tax filings, and accounts receivable, among others.
To support tax workflows, ScaleFactor has a compliance calendar which tracks monthly and annual compliance and tax requirement deadlines. Through the platform, enterprises can track and manage federal and state compliance requirements and help them understand what actions must be taken.
The company has seen strong growth over the past year, having realised over 700 per cent customer growth in 2018.
ScaleFactor CEO and founder Kurt Rathmann said, “Businesses get overwhelmed by administrative work jumping from siloed solution to siloed solution and should be able to focus on what makes them successful. Our vision of a comprehensive business operating system, built with their needs in mind, allows our customers to be proactive with their business, operate in control and drive success.”
Late last year, Bessemer Venture Partners took part in the $30m Series C round of third-party cyber risk management company CyberGRX.
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