Botkeeper Brings the Future of Bookkeeping With $25 Million Series B Arjay Bacsal, CPA

During these past few years, “automated bookkeeping” has become a trending buzzword. Accounting professionals are seeing an uprise in technology offerings and are trying to find new ways to increase capacity, differentiate their offerings, make themselves more valuable to their clients, and to ultimately be more efficient. As one of the forerunners of automated bookkeeping, we have had the privilege of having helped forge a bright and multi-layered future for this movement. Accounting Today is a leading provider of online business news for the accounting community, offering breaking news, in-depth features, and a host of resources and services.

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The main focus of our technology has always been on offering an affordable, scalable, accurate, and efficient solution with best-in-class support. We talked with countless accounting firms and business owners about what they truly needed to be successful, and we ran with their suggestions. That led us to evolving our platform to better fit their needs—particularly CPAs and accounting firms that were struggling to provide their own clients with essential accounting and advisory services. BOSTON, June 18, 2020 — Botkeeper, a leading US-based AI-powered Bookkeeping company, today announced that it has raised $25 million in Series B funding, bringing its total funding to $47.5 million. The round was led by Point72 Ventures, the global venture capital firm backed by prominent investor Steve Cohen.

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Research and development, partner growth enablement, and user experience are the core focuses for 2021. This new infusion of capital will enable Botkeeper to continue accelerating its mission in the Accounting industry, with a focus on Accounting Partnerships, introducing its sophisticated AI-powered bookkeeping to new firms around the country, and growing its development, engineering, sales, and client success teams. Botkeeper combines artificial intelligence, machine learning and its own skilled accountants to provide automated bookkeeping support specifically to accounting firms. It raised $25 million in Series B funding in June 2020, and $18 million in Series A funding in December 2018. BOSTON, June 18, 2020 /PRNewswire/ — Botkeeper, a leading US-based AI-powered Bookkeeping company, today announced that it has raised $25 million in Series B funding, bringing its total funding to $47.5 million.

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Soon after their Series A round in November 2018, Botkeeper invested heavily in developing partnerships with Accounting firms to accelerate the deployment of automated bookkeeping to businesses throughout the US. By April 2020, Botkeeper had successfully brought on 10 top 400 Accounting Firms partners, and are on track to be supporting thousands of businesses on the Botkeeper Platform by the end of 2020. Botkeeper was founded by a team of entrepreneurs who suffered the same bookkeeping challenges experienced by most small and mid-sized businesses. We realized the primary issue with bookkeeping was the tedious, manual, and repetitive data entry combined with the lack of meaningful visualization and analytics of important data.

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“This funding round is a testament to the Botkeeper team and solution radically transforming the accounting industry,” said Kellan Carter, Partner at Ignition, and one of the existing original investors at Botkeeper. “It’s been a privilege seeing the team’s vision for the future of bookkeeping come to fruition since the original investment in late 2017.” “Botkeeper has seen incredible growth as they bring AI and automation to bookkeeping and back-office operations,” said Scott Dorsey, Co-Founder and Managing Partner at High Alpha.

Gradient Ventures is Google’s AI-focused venture fund – investing in and connecting early-stage startups with Google’s resources, innovation, and technical leadership in artificial intelligence. The fund focuses on helping founders navigate the challenges in developing AI-based products, from leveraging training datasets to helping companies take advantage of the latest techniques, so that great ideas can come to life. We also plan to put these funds toward bringing more unity to the accounting industry through strategic partnerships that examine and predict the road ahead. We believe that the most powerful tool accountants have available is their own creative thinking, and these strategic relationships will take accounting thought leadership to new, unexplored depths. The company plans to use the money to expand its platform and customer success teams, and for strategic partnerships.

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• Repetitive and predictable tasks like transaction categorization and reconciliations have successfully been automated by Botkeeper, while the complex and unpredictable tasks that require critical thinking, are handled by their team of skilled accountants and bookkeepers.
• But our savvy team was determined to make a splash with the revolutionary technology they were building; they knew bookkeeping could be easier and less prone to error—and that accountants needed such a solution ASAP.
• The new-age software platform coupled with skilled accountants helps to automate common bookkeeping workflows for accounting professionals through the use of machine learning and AI.

The round was led by Point72 Ventures, the global venture capital firm backed by prominent investor Steve Cohen. Additional investors include High Alpha Capital, Republic Labs, Oakridge, Peak State as well as existing investors Ignition Partners, Greycroft Partners, Gradient Ventures, Sorenson Capital. The contributing teams bring a powerful blend Botkeeper Raises $25 Million In Series B To Continue Helping Cpa Firms Thrive of specialties to the table such as product and strategy expertise, AI and financial services proficiency, SaaS Startup growth mastery, and command on Accounting industry knowledge.

Additional investors include High Alpha Capital, Republic Labs, Oakridge, Peak State as well as existing investors Ignition Partners, Greycroft Partners, Gradient Ventures, Sorenson Capital. Botkeeper, a leading US-based AI-powered Bookkeeping company, today announced that it has raised $25 million in Series B funding, bringing its total funding to $47.5 million. Additional investors include High Alpha Capital, Republic Labs, Oakridge Management Group, Peak State as well as existing investors Ignition Partners, Greycroft Partners, Gradient Ventures, Sorenson Capital. BOSTON, June 18, 2020 /PRNewswire/ — Botkeeper, a leading US-based AI-powered Bookkeeping company, today announced that it has raised $25 million in Series B funding, bringing its total funding to $47.5 million. Additional investors include High Alpha Capital, Republic Labs, Oakridge Management Group, Peak State as well as existing investors Ignition Partners, Greycroft Partners, Gradient Ventures, Sorenson Capital.

“Machine learning is transforming key workflows across accounting, and Botkeeper represents the future of AI-assisted bookkeeping. We’re excited to work with Botkeeper in helping make this process easier, efficient, and more accurate for accounting professionals,” said Gradient Ventures Partner Muzzammil “MZ” Zaveri. “In the coming years, we expect AI to play an increasingly larger role in automating accounting and compliance functions.” Botkeeper’s AI-driven platform helps automate common bookkeeping workflows, provides answers to client questions, and can request more info when necessary much the same way a regular bookkeeper would. The platform easily integrates with a client’s banks, credit cards, HR system, and POS system, and makes appropriate entries and adjustments to their Quickbooks or Xero accounts.

• Soon after their Series A round in November 2018, Botkeeper invested heavily in developing partnerships with Accounting firms to accelerate the deployment of automated bookkeeping to businesses throughout the US.
• Botkeeper support will become more robust, and our teams will be expanded and recalibrated to go beyond the day-to-day needs of our clients.
• We remain dedicated to creating a secure, intuitive, and gratifying solution for our partners and clients in the future.
• Botkeeper was founded by a team of entrepreneurs who suffered the same bookkeeping challenges experienced by most small and mid-sized businesses.
• And to be sure, we take that responsibility seriously and are committed to using every last resource available to continue bringing accounting to the next level.

“Botkeeper’s system provides businesses with a 24/7 AI-driven botkeeper, coupled with human bookkeepers who can jump in and help when necessary,” Enrico said. To be honest, time and physics limit us to being able to offer only 24/7 support, but we’re determined to take things to the next level. Botkeeper support will become more robust, and our teams will be expanded and recalibrated to go beyond the day-to-day needs of our clients. Repetitive and predictable tasks like transaction categorization and reconciliations have successfully been automated by Botkeeper, while the complex and unpredictable tasks that require critical thinking, are handled by their team of skilled accountants and bookkeepers. Traditional automation can’t handle the constant change and infinite variability of these tasks.