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The investment round comes at a time when the need to augment the traditional back-office bookkeeping operations continues to rise to meet the growing demand for better automation and virtual choices
Fremont, CA: Leading AI-powered bookkeeping company, Botkeeper, raised USD 25 million in a Series B funding round led by Point72 Ventures, the global venture capital firm backed by prominent investor Steve Cohen. The investment round was also participated by new investors High Alpha Capital, Republic Labs, Oakridge, Peak State, existing investor Ignition Partners, Greycroft Partners, Gradient Ventures, and Sorenson Capital. The latest round of funding takes the company's total raised capital to USD 47.5 million.
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"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. The contributing teams bring a powerful blend of specialties to the table such as product and strategy expertise, AI and financial services proficiency, SaaS Startup growth mastery, and command on accounting industry knowledge.
[vendor_logo_first]The investment round comes at a time when 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 increasing demand for automation, which enables higher efficiency, better capacity, sustainable economies of scale being driven by the COVID-19, has led to increasing demands being put on Accounting Professionals. They have been continuing to operate as essential business providers. While most businesses continue to be under immense pressure to stay alive, it is imperative to ensure the business's financials are accurate, up-to-date, and easily accessible for decision making.
"We could not be more excited for the great partnership with our new and existing investor teams," said Chris Mahl, President and CRO at Botkeeper. "The team at Botkeeper, along with our industry-innovating Partner Firms, are fast at work transforming the space around pre-accounting. Our single focus is to continue to drive value and difference to our member firms, allowing them to experience unprecedented growth in all key areas the Botkeeper solution touches. We know this is just the beginning."
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