MakersHub, a next-generation accounts payable platform for data-driven businesses and their accounting partners, announced it has raised an additional $7 million of Seed funding. QED Investors and TTV Capital led the round, which brings MakersHub’s total funding to $11.5 million.
The funding round included participation from existing investors Dash Fund, four angel investors, and new investor TRB Advisors. This funding round will support MakersHub’s rapid customer growth by accelerating investment in platform infrastructure and scaling the sales and marketing teams. QED Partner Laura Bock and independent advisor Athletic Brewing Company CEO Bill Shufelt will join the Board of Directors.
Bookkeeping is a laborious and manual process for businesses that utilize their bill data for operationally critical tasks like job-costing and cost-plus billing. This often leads to delayed, inaccurate, and incomplete financial information, hindering the ability to operate and grow.
MakersHub helps companies with heavy accounts payable process needs by capturing data and enabling users to utilize it meaningfully. It Also saves businesses and accounting professionals time, reduces errors, and facilitates deeper, more accurate business insights.
MakersHub was co-founded in 2021 by Phong Ngo and Charley Howe, who met at The Wharton School’s Executive MBA program. Ngo was previously president of General Plasma, a leading supplier of nanotechnology equipment and industrial automation solutions, where he faced these AP challenges daily. General Plasma engineered and manufactured $100 million in R&D and production equipment globally for solar, automotive, display, and semiconductors OEMs.
Co-founder and president Charley Howe has 18 years of Wall Street experience in fixed-income structured products and venture capital. He spent over a decade advising and transacting with the world’s most sophisticated investors. Howe then joined the leadership team at Citi Ventures, where he focused on early—and growth-stage startups in payments, lending, and capital markets.
MakersHub now has over 200 paying customers, a network of several thousand payees and has enjoyed more than 10x year-to-date growth rates on nearly every commercial metric it tracks.
KEY QUOTES:
“Accounts Payable has always looked deceptively simple from the outside – receive the bills and pay the bills – but it’s in the nuances that one can truly address the pain points and help businesses. This round of funding allows us to continue aggressively pursuing our goal of making AP unbelievably enjoyable.”
“Our users want reliability and security. This is not a place to employ a ‘move fast and break things’ mentality. We have relentlessly iterated building a sophisticated platform that is far more complete, robust, and secure than our age. We can’t wait to bring it to a broader audience.”
– MakersHub co-founder and CEO, Phong Ngo
“Talented employees needn’t be mired in manual data entry. The business should not suffer from incomplete and inaccurate financial records. Vendors should not endure the cashflow pinch and lack of visibility created by elongated settlement times.”
“MakersHub has solved these issues with technology, and this funding allows us to continue pursuing our goal of making it ubiquitous to businesses across the world. We are honored and humbled to continue partnering with QED and TTV who have been terrific partners to date, and whose deepened involvement only augments the likelihood of our success.”
– Charley Howe
“While your average person might wear an Apple Watch, marathoners opt for Garmin. MakersHub is the Garmin watch equivalent for AP automation. Companies with low volume and low complexity AP operations may get by with Bill.com – but MakersHub is the right fit for businesses that demand a more sophisticated platform. And there are a lot of businesses that do, which is why MakersHub is scaling rapidly.”
– QED Investors Partner Laura Bock
“In recent years, we’ve seen companies build more sophisticated fintech solutions to the core business challenges that we invested in two decades ago. MakersHub is a great example of a next generation investment for us. As early investors in Bill.com, we saw firsthand how software made accounts payable more efficient. Today, the MakersHub team has built an elegant platform that eliminates manual data entry and saves employees countless hours of work. We’re proud to support Phong and Charley as they further evolve accounts payable for data-driven businesses.”
– Neil Kapur, Partner at TTV Capital
