Blue Onion, a subledger trusted by leading retail and ecommerce brands, announced a $10 million Series A funding led by Viola FinTech. The funding round included participation from existing investors Y Combinator, Entrée Capital, Green Visor, and Vinyl Capital. This round brings the company’s total funding to $17.6 million.
Blue Onion is the only subledger designed to provide retailers with accurate financial data, optimize operations, and automate accounting workflows. The company’s AI-based reconciliation algorithms seamlessly match orders, payments, and cash receipts, helping businesses save time, minimize errors, and simplify financial management.
Some legacy ERPs and modern automation tools often come with expensive setups and unreliable connectors, forcing users to verify data accuracy manually. However, Blue Onion eliminates this challenge by focusing on clean, reliable data, enabling true automation and saving customers hundreds of thousands of dollars in the process.
Blue Onion was created in 2020 by co-founders and CEO Lyndsey Bunting, CTO Charley McMillian, and Chief Data Scientist Manav Malhotra. And as VP of Finance at Birchbox, Bunting witnessed firsthand the costly, complex, and time-consuming challenges accounting teams encountered to obtain clean and accurate financial data.
Blue Onion will launch new AI-based features to expand integrations, support more financial accounts, enhance customization, and refine automation for precise and effortless bookings with this funding round. And the company is investing in building a strong community through strategic partnerships, events, and customer education. Each of these initiatives is focused on automating workflows and ensuring accurate financial data across a broader range of accounts.
KEY QUOTES:
“We believe that there’s a better way to process financial data. The Blue Onion platform integrates with your order systems, payment processors, and your bank accounts to fully automate the reconciliation process. In the legacy ERP world and for most accounting software, ensuring clean financial data was the responsibility of the customer, requiring expensive and faulty data connectors, time-consuming reconciliations and manual adjustments. Blue Onion takes on this responsibility, providing finance teams with an automated, accurate financial data source from the outset–eliminating the need to choose between speed and accuracy.”
- Lyndsey Bunting, CEO and co-founder of Blue Onion
“As the world rapidly shifts toward a new era powered by generative AI, the foundation of this transformation lies in having a single source of truth—reliable, accurate data. Blue Onion’s subledger empowers companies to run their operations seamlessly, ensuring precision and efficiency in every process. With this solid data infrastructure, businesses can fully harness cutting-edge AI technologies to drive innovation and accelerate growth. We are proud to partner with the Blue Onion team—Lyndsey’s extensive experience leading financial teams in e-commerce has given her an unparalleled understanding of the problem, positioning her and the team perfectly to deliver an impactful solution.”
- Noam Inbar, Partner at Viola FinTech
