Intacct is a financial management software-as-a-service cloud company that has raised $13.5 million in a new round of funding. Split Rock Partners led the round of funding by putting in $7.5 million. Bessemer Venture Partners, Emergence Capital, Sigma Partners, and Sutter Hill Ventures participated in this round as well. The funding remainder was $6 million as a line of credit from Silicon Valley Bank.
Intacct will be using this new investment to drive continued growth. The company saw 97% year-over-year overall growth in new customer bookings. This was driven by the extension of their product range and by expanding distribution channels.
Intacct sells software that is in the cloud for financial-related tasks like accounting, inventory management, vendor management, revenue management, purchasing, etc. Intacct is used by 5,000 organizations from startups to public companies.