Charlotte-based fintech startup DebtBook has recently raised a $12.5 million Series A-1 round.
The company, founded in 2019, announced the funding on July 14 and said it will help DebtBook advance the delivery of its easy-to-use cloud-based debt, lease and subscription management software for government, higher education and health-care finance teams.
The round was led by Boston-based venture capital firm Elephant Partners, with participation from Charleston's Meeting Street Capital and Charlotte-based CreativeCo Capital.
DebtBook's platform — which was designed by and for the public sector — also helps simplify financial reporting, including implementation of new accounting standards such as GASB 87 and GASB 96. Those standards were created to establish uniform accounting and financial reporting requirements for subscription-based information technology arrangement.
"Our public sector customers wake up every day trying to figure out how to deliver their communities' most important projects in the face of shrinking budgets and shifting regulatory requirements," said Tyler Traudt, CEO and co-founder at DebtBook. "This investment will accelerate our ability to deliver on our promise to build the modern tools the public finance industry deserves."
The new capital comes almost a year after the startup closed on a nearly $6.8 million round in August 2022. DebtBook also announced in December 2021 its close on a $2 million seed round used to beef up its growing team.
The startup has more than 300 clients in over 40 states, including local governments in Raleigh, Durham, Lincolnton and Albemarle, as well as Fort Worth, Texas; Nashville, Tennessee; and Jacksonville, Florida.
