Seattle-based accounting technology startup Lockstep on Wednesday announced a $2.5 million investment from Amex Ventures, the venture arm of American Express Co.
Lockstep co-founder and CEO Peter Horadan said the endorsement from the payments giant provides real value.
"If you look at the investments that Amex Ventures has made, they've been extremely astute at picking the future of finance," Horadan said. "Amex across all their commercial customers deals with tens of thousands of businesses."
Lockstep had about 30 employees at the time of its $10 million Series A in February. Horadan said the company now has about 70 employees and aims to double its headcount again in a year.
Almost 20 of Lockstep's employees are based in the Seattle area, Horadan added. The company is adopting a loose hybrid model where employees might get together in teams a couple of times per month. Horadan said Lockstep doesn't have office space but is looking for flexible meeting space.
"We believe a lot in the remote model, and there's a lot we're doing to make it work well," Horadan said. "For sprint planning meetings, we'll do that in person. That happens once every two weeks and then people will work the rest of the time from their homes."
Lockstep, founded in 2019, helps clients automate manual tasks for accounting teams like extracting information from emails. Point72 Ventures led Lockstep's Series A, while Clocktower Ventures and Revel Partners participated. Prior to founding Lockstep, Horadan was the chief technology officer and executive vice president of engineering at Avalara.
Amex Ventures has invested in more than 70 companies since 2011. Its portfolio includes high-profile fintech companies like Plaid, Stripe and Toast.
"Lockstep seeks to modernize businesses where it is needed most — accounting and finance departments," Lindsay Fitzgerald, managing director at Amex Ventures, said in a news release. "By connecting accounts receivable and accounts payable departments, Lockstep empowers companies to efficiently control their payments, cash flow and working capital. We are pleased to support Lockstep in their mission to streamline corporate payments and reconciliation."
