Who wouldn't support a startup that says it can automate laborious work—like closing the books at the end of the quarter, managing invoices or categorizing expenses?
Botkeeper, a Boston-based bookkeeping service that currently helps nearly 1,000 companies, raised an $18 million Series A round. The latest investment brings the total raised by Botkeeper to $22.5 million.
Prominent investors include Greycroft, a VC firm focused on investments in the Internet and mobile markets with offices in New York and Los Angeles, and Gradient Ventures, Google’s AI-focused venture fund. Existing investors Ignition Partners and Halfcourt Ventures also took part in the round.
Several other entities and private investors contributed to the round, such as Sorenson Capital, Julian Brodsky, CFO of Comcast, Stephen Messer, AI founder of Linkshare and Collective[i], Mike Volpe, CEO at Lola, Jeff Fagnan, partner at Boston-based Accomplice, and professional basketball player Matthew Dellavedova.
The company will use the funds to grow its engineering, sales and marketing teams. As part of the announcement, Botkeeper said its team has added Chris Mahl as Chief Revenue Officer and Executive Vice President. Mahl joined Botkeeper from DemystData, a software as a service provider that helps financial institutions analyze data.
"Botkeeper’s system provides businesses with a 24/7 AI-driven botkeeper, coupled with human bookkeepers who can jump in and help when necessary," Founder Enrico Palmerino said.
This year, Botkeeper won “Reader’s Choice” at BostInno's Coolest Companies and BostInno’s Tech Madness (Private Bracket).
