Numeric announced it has raised a $28 million Series A round led by Menlo Ventures. Participation was from new investors IVP and Socii Capital and existing investors Founders Fund, 8VC, Long Journey, Access Industries, Friends & Family Capital, and others. This funding will accelerate engineering hiring and product development, supporting Numeric’s aim to enable real-time decision-making from financial data.
Over the past year, Numeric has experienced explosive growth, 4xing revenue and attracting high-profile customers, including OpenAI, Brex, and Plaid. This new funding round follows a $10 million seed Round announced just five months prior, bringing the total amount raised to $38 million.
This development came at a notable time for the accounting industry, which has faced a shortage of 340,000 professionals and a nearly 50% decline in CPA exam participants since 1990. And teams are short-staffed and overworked, creating a vicious cycle of accountants exiting the profession. Numeric’s platform also automates manual work involved in the month-end close, such as balance sheet reconciliations and auto-drafted variance explanations.
Launched four years ago, Numeric draws upon co-founder Parker Gilbert’s firsthand experience with the limitations of traditional accounting systems while scaling a finance team at a VC-backed startup. And its goal is to create a new genre of financial software that transforms financial operations from a retrospective process into a real-time strategic asset.
KEY QUOTES:
“We have looked at dozens of companies trying to help automate accounting workflows and have never seen the level of product love that world-class finance teams have for Numeric.”
“By sitting at the nexus of the close process, Numeric is building the financial data fabric to unify point solutions and workflows into a single platform. It’s clear that Numeric is quickly becoming the key pillar of the modern CFO stack.”
-Croom Beatty, Partner at Menlo Ventures
“Today, most accounting teams spend 120 days per year on repetitive processes— and companies are forced to make decisions based on weeks-old to months-old data. Our team is building the first real-time accounting system. Where AI will review every single financial transaction; validate against standards and documentation; actively monitor for accuracy, and generate key review tasks for human accountants in the loop.”
-Parker Gilbert, CEO and Co-Founder of Numeric
“By leveraging GenAI, Numeric enables our team to close books faster, gain deeper insights, and boost productivity. Plaid is undergoing rapid growth, and we need partners that can respond to our needs at scale as we continue to grow. What truly sets Numeric apart is their ‘move fast’ mantra—whenever we need something, their team responds immediately, often delivering a fix or new feature within days. It’s a fantastic partnership, and we’re excited to see how Numeric continues to drive innovation in the accounting space.”
-Sandy Yang, Head of Accounting at Plaid
