• Skip to main content
  • Skip to secondary menu
  • Skip to footer

Technologies.org

Technology Trends: Follow the Money

  • Sponsored Post
    • Make a Contribution
    • Technology Job Posting
  • Technology Events 2022-2023
  • Technology Domains
  • Technology Markets
  • Venture Capital
  • Contact
    • About

AI Bookkeeping Startup Botkeeper Raises $18M Series A led by Greycroft

November 21, 2018 By Technologies.org Leave a Comment

Closing the books at the quarter end, managing invoices and categorizing expenses involve a wide array of complex tasks that are both laborious and prone to human error. Botkeeper is automating bookkeeping workflows through their human-assisted AI platform, and today announced an $18M series A round, one of the largest A rounds for a Boston tech company.

The round was notable not only for its size but also for the names of some paramount participants: Greycroft and Gradient Ventures, Google’s AI-focused venture fund. Existing investors, including Ignition Partners and Halfcourt Ventures, also participated for the second time in the highly sought after round. Other notable participants in the round include Sorenson Capital, Julian Brodsky, CPA Founder and CFO of Comcast and later Comcast Ventures, Stephen Messer, AI founder of Linkshare and Collective[i], Mike Volpe, former CMO of Hubspot and current CEO at Lola, Boston VC Jeff Fagnan, partner at Accomplice, and professional basketball player Matthew Dellavedova. Today’s investment brings the total raised to $22.5M.

In step with the exciting growth, Botkeeper adds Chris Mahl as Chief Revenue Officer and Executive Vice President. Chris joins botkeeper with an impressive track record of heading sales and strategy for companies resulting in the following: Two public exits, (Informatica and Salesforce), two M&A exit (RightMedia, LevelUp), as well as several other companies he had taken to 10X in growth (Oracle and JW Player). “The industry-leading combination of human, artificial intelligence and scale botkeeper delivers is reinventing the accounting experience. Botkeeper system drives the reactive and inaccurate to proactive, precise and predictive… at any scale,” Mahl said.

Botkeeper has its roots in Founder Enrico Palmerino’s experiences running an accounting business, where he saw firsthand the pain points business owners face in managing the books. “At Botkeeper we’re focused on bringing simplicity and dependability to the bookkeeping process, so business owners can focus on running their business,” says Enrico.

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. “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.

“Botkeeper has built a solution capable of supporting companies of all shapes and sizes- startups through Fortune 5000 companies. After hearing raving reviews from clients at both ends of the spectrum, it was obvious that botkeeper had pulled it off,” said Mark Terbeek, Partner at Greycroft. “We quickly decided that we needed Botkeeper ourselves, and needless to say, we saw the value overnight. Every company needs great bookkeeping, but all too often we see companies who still struggle to get it done right. We are thrilled to partner with a world-class company like botkeeeper that can get it right- every time.”

“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.”

The Boston-based company currently supports nearly 1000 companies, and plans to use the funds to grow across engineering, sales, and marketing.

About Botkeeper

Botkeeper is developing AI to help automate bookkeeping and broader accounting functions for businesses. 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, providing businesses with a 24/7 AI-driven botkeeper. 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 company is headquartered in Boston, MA. For more information, visit botkeeper.com.

About Greycroft

Greycroft is a leading venture capital firm focused on investments in the Internet and mobile markets. With offices in the two media capitals of the world – New York and Los Angeles – Greycroft is uniquely positioned to serve entrepreneurs who have chosen us as their partners. Greycroft leverages an extensive network of media and technology industry connections to help entrepreneurs gain visibility, build strategic relationships, bring their products to market, and build successful businesses. Greycroft manages in excess of $1 billion and has made over 150 investments since inception in leading companies including Acorns, App Annie, Boxed, Braintree, Buddy Media, Everything But The House, Extreme Reach, Huffington Post, Icertis, JW Player, Maker Studios, Plated, Scopely, Shipt, TheRealReal, Thrive Market, Trunk Club, Venmo, WideOrbit, and Yeahka. For more information please visit http://www.greycroft.com.

About Gradient Ventures

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. Gradient was founded in 2017 and is based in Palo Alto, California. For more information, visit Gradient.com.

Related

Filed Under: Tech

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Footer

Recent Posts

  • Samsung Electronics and Red Hat Announce Collaboration in the Field of Next-Generation Memory Software
  • AWS Announces General Availability of Amazon EC2 C7g Instances Powered by AWS-designed Graviton3 Processors
  • Infinitum Electric Raises $80M in Series D Funding Led by Riverstone Holdings to Scale Production of Sustainable Motors
  • Introducing IonQ Forte, Improving Quantum Performance with a Software-Configurable Dynamic Laser System
  • Cloudflare Unveils New SQL Database Offering
  • Cloudflare announces Workers for Platforms
  • Intel is rolling out new processors designed for data centers
  • EU moves to wean itself off Russian fossil fuels
  • A New Hydrogen-Powered Behemoth
  • BAE Systems to Bring Next-Generation Electric Drive System to Heavy-Duty Industrial Vehicle Market

Media Partners

  • VPNW
  • S3H
  • OPINT
  • Press Media Release
  • OSINT
  • Digital Market
  • Briefly

Media Partners

  • Technology Conferences
  • Event Sharing Network
  • Defense Conferences
  • Cybersecurity Events
  • Event Calendar
  • Calendarial
  • Opinion
  • Venture Capital

Copyright © 2015 Technologies.org

Technologies, Market Analysis & Market Research Reports

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT