Botkeeper, a Boston-based company that automates bookkeeping workflows using artificial intelligence, has announced it has raised $18 million in Series A funding. Investors that participated in this round include Greycroft and Gradient Ventures — which is Google’s artificial intelligence venture fund. Existing investors Ignition Partners and Halfcourt Ventures also participated in this round.
This round also included Sorenson Capital, Julian Brodsky (Comcast co-founder), Stephen Messer (co-founder of LinkShare and Collective[i]), Mike Volpe (CEO at Lola.com), Jeff Fagnan (founding partner at Accomplice), and Matthew Dellavedova (Milwaukee Bucks basketball player). This brings Botkeeper’s total funding raised to $22.5 million. Botkeeper is planning to use the funding to grow its engineering, sales, and marketing. And Botkeeper also announced that Chris Mahl has been hired as Chief Revenue Officer and EVP.
Enrico Palmerino founded Botkeeper due to his experiences running an accounting business. While running the accounting business, Palmerino learned the pain points that business owners face while managing the books. “At Botkeeper we’re focused on bringing simplicity and dependability to the bookkeeping process, so business owners can focus on running their business,” said Palmerino in a statement.
Botkeeper’s artificial intelligence platform helps automate common bookkeeping workflows, provides answers to client questions, and can request additional information that is necessary just like a regular bookkeeper does. And the platform easily integrates with a client’s banks, credit cards, HR systems, and POS systems. From there, adjustments and entries can be quickly made to Quickbooks and Xero accounts. Currently, Botkeeper supports nearly 1,000 companies.
“Botkeeper has built a solution capable of supporting companies of all shapes and sizes- startups through Fortune 5000 companies. After hearing raving reviews from clients at both ends of the spectrum, it was obvious that botkeeper had pulled it off,” added Greycroft partner Mark Terbeek. “We quickly decided that we needed Botkeeper ourselves, and needless to say, we saw the value overnight. Every company needs great bookkeeping, but all too often we see companies who still struggle to get it done right. We are thrilled to partner with a world-class company like botkeeeper that can get it right- every time.”
