- Accounting automation tool company Roger.ai announced it raised $7.35 million in Series A funding
- QED Investors led this round. 9Yards Capital, Silicon Valley Bank, Financial Venture Studio, BootstrapLabs, and Dan Wernikoff also joined
Roger.ai is an accounting automation tool that helps businesses save time on day-to-day financial processes by as much as 80%. Recently, Roger announced it raised $7.35 million in Series A funding led by QED Investors. 9Yards Capital, Silicon Valley Bank, Financial Venture Studio, BootstrapLabs, and Dan Wernikoff (former GM of QuickBooks and TurboTax) also participated along with several angel investors.
“This investment will allow us to become the industry leader that helps every business avoid spending time in their accounting software, and enables accountants to spend their time advising and crunching the numbers instead of doing manual work,” said Roger co-founder and CEO Cathrine Andersen.
How does Roger work? It can be placed on top of existing accounting software for automating financial processes such as bill pay, approvals, receipt scanning, compliance, and bookkeeping with simple workflows. Roger’s customers range from SMBs to virtually any industry to bookkeeping and major accounting companies.
Andersen founded Roger with CTO Christian Rasmussen. They previously founded Assemblage in 2011 and sold it to Cisco Systems in 2014. After Andersen and Rasmussen worked on Cisco Spark and the company’s collaboration portfolio for three years, they started building Roger.
“We have built a great foundation, and this investment means we can give every customer a world-class experience even as we are growing very rapidly,” added Rasmussen. “We’re excited to have such a tremendous group of investors and advisors behind us as we grow.”
Ever since Roger went to market with its accounts payable automation tool for small businesses in early 2018, the company has grown to thousands of paying customers including over 100 accounting partners.
“Roger is by far the most sophisticated product we’ve seen for SMB Accounts Payable. In a very short period of time, this team has built an international product and global customer base with superior technology compared to legacy fintechs — we’re excited about what’s to come from this company,” added QED Investors partner Matt Risley.
Prior to this round of funding, the company raised $2 million in seed from Financial Venture Studio, BootstrapLabs, and several angel investors.
“Most businesses remain poorly served by technology tools,” explained Financial Venture Studio managing partner Ryan Falvey. “Roger’s innovative technology empowers accountants to improve the accounting and payments experience, making payments easier and faster, while protecting against fraud. We’re thrilled to continue to support this incredible business and team.”