Botkeeper, a leading US-based AI-powered Bookkeeping company, 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. 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 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.
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This announcement comes as the need to augment the traditional back-office bookkeeping operations continues to rise to meet the growing demand for better automation and virtual choices. The increasing need for automation that enables higher efficiency, better capacity, sustainable economies of scale being driven by the COVID-19 has resulted in increasing demands being put on Accounting Professionals, who have been continuing to operate as essential business providers. At a time when a majority of businesses are under intense pressure to stay alive, it becomes absolutely imperative to ensure the business’s financials are accurate, up-to-date, and easily accessible for decision making. Accounting Professionals are facing unprecedented pressure to deliver service and guidance quickly, reliably, and efficiently while keeping their employees safe- and automation is the key to meeting those challenges.
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At the time of this announcement, Enrico Palmerino, CEO, and Co-founder, Botkeeper said, “I am absolutely thrilled to be partnering with such an impressive investor base. Their track records and expertise in fintech and artificial intelligence will be beneficial to our product development and growth strategy. The additional funding will allow us to further our mission of building The Future of Bookkeeping and double down on engineering and product development for our accounting partners.”
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