Cloud-Based Bookkeeping Company Xendoo Raises $3.5 Million

By Amit Chowdhry • Dec 18, 2019
  • South Florida-based financial technology company Xendoo announced it raised $3.5 million in a seed round of funding

Xendoo — a South Florida-based financial technology online accounting and bookkeeping solutions company — announced it has raised $3.5 million in a seed round of funding. The company also announced it hired Thomas J. Packert as its CTO.

“On the heels of our latest funding round, it’s a very exciting time for Xendoo,” said Xendoo founder and CEO Lillian Roberts. “With Tom’s recent hire and current open positions in the South Florida market, Xendoo is growing exponentially in a short period of time, allowing us to better serve all business owners accounting needs.”

This round of funding will be used for accelerating company growth, office and personnel expansions, support continued technological innovation within the bookkeeping and accounting industry, and expanding strategic partnerships and market reach.

This industry has been ripe for changes due to unpredictable pricing, outdated methods, and inaccessibility. And Xendoo is providing small business owners with quick access to CPAs, flat-rate pricing, and speed to their financials delivered through an easily accessible cloud-based platform.

With its proprietary technology, Xendoo’s platform not only provides up to 5x the productivity level of a traditional bookkeeper or CPA but is driven by real-time data via its partnership with Xero – which is a globally recognized cloud-based solution.

With the close of over $3.5 million in seed funding that was oversubscribed in October, the company has raised a total of $4.8 million since it launched in 2017. The seed round was led by Malachi with additional investment from Revolution’s Rise of the Rest Seed Fund, DeepWork Capital, the LAUNCH Syndicate headed by Jason Calacanis and other follow up investors.

“I’m thrilled to join the world-class team at Xendoo and look forward to helping the company expand and deliver its exceptional technology and service to small businesses,” added Packert. “When looking at this opportunity, it was apparent that Xendoo is committed to small business owners by providing the best offerings to help with their financial decisions. Our shared vision of creating a transformative accounting platform was a natural fit and clear next step for my career.”

Xendoo is also moving to an upgraded office space in Q1 2020 to accommodate more employees. The new office is a 10,000 square foot location off Cypress Creek — which is a tech hub area of town.

Currently, Xendoo works with clients spanning various industries like Century 21, College Hunks Moving, F45 Gyms, Plato’s Closet, Tropical Smoothie and more. And with users in over 40 states and eight countries, Xendoo plans to triple the size of its business over the next 18 months.