Connected accounting cloud platform Lockstep nets $10m in Series A funding

Connected accounting cloud platform Lockstep has scored $10m in its Series A round, which was led by Point72 Ventures.

Other participants include Clocktower Ventures and Revel Partners.

This capital injection will enable Lockstep to further its product development and accelerate its go-to-market strategies.

Founded in 2019, Lockstep offers a connected platform to help accounting teams improve their workflows.

Based in Seattle, the company claims to remove cash traps and leaks created through manual synchronisation of books between B2B trading partners.

The company claims it helps over 180 customers process more than 800,000 invoices each month.

Point72 Ventures partner Pete Casella said, “Lockstep surveys show that over 90% of the email addresses accounting departments use for transactions with trading partners have no automation to manage and retain data.

“We believe Lockstep can modernize accounting by automating communications and providing online accounts for trading partners, helping companies seamlessly integrate information and eliminate bottlenecks.”

Lockstep previously closed its seed round in 2019, which was led by SeaChange. Avalara co-founders, Scott McFarlane and Jared Vogt, Amazon Consumer CEO Jeff Wilke, Pioneer Square Labs managing director and co-founder Geoff Entress and former Microsoft leaders Ben Slivka, Lisa Slivka and Charles Fitzgerald.

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