Xendoo Announces $3.5M Seed Plus Funding Round and New CTO to Accelerate Company Growth
Cloud-Based Bookkeeping and Accounting Fintech Company aims to Hire Over 40 New Employees and Move Into 5x Larger Office Space in 2020
Xendoo, a South Florida-based fintech company offering innovative online accounting and bookkeeping solutions, along with data-driven insights, to small business owners, announces the completion of a $3.5M seed plus round and new Chief Technology Officer (CTO), Thomas J. Packert. The recent funding will be used to accelerate company growth, office and personnel expansions, support continued technological innovation within the bookkeeping and accounting industry, and expand strategic partnerships and market reach.
An industry that’s been ripe for change for years with its unpredictable pricing, outdated methods and inaccessibility, Xendoo is providing small business owners with quick access to CPAs, flat rate pricing, and speed to their financials delivered through an easily accessible cloud-based platform. Through its proprietary technology, Xendoo’s platform not only provides up to five times the productivity level of a traditional bookkeeper or CPA but is driven by real-time data via its partnership with Xero – a globally recognized cloud-based solution.
After closing $3.5M in a seed plus round that was oversubscribed in October, Xendoo has raised a total of $4.8M to date since its launch in 2017. The seed plus round was led by Malachi, with additional investment from Revolution’s Rise of the Rest Seed Fund, DeepWork Capital, Jason Calacanis’ LAUNCH Syndicate and other follow up investments. The recent funding is just the beginning of Xendoo’s projected growth for 2020 as over 40 new employees will be hired throughout the new year, including: Chief Operating Officer (COO), Head of Growth, Human Resources, Business Development, Sales Manager, Sales Associates, Bookkeepers, Accountants, Senior Full-Stack Developer, Marketing Content Manager and more.
As part of Xendoo’s growth spurt, Thomas J. Packert was hired as Chief Technology Officer (CTO) in September 2019. Bringing more than 30 years of experience in software development and information technology management, Packert has been building and implementing ERP and accounting systems his entire career. He received a degree in Computer Science with a minor in Corporate Finance from Kutztown University of Pennsylvania and comes to Xendoo after working for Phase 1 Systems, Orthosensor, CareCloud Corp., and Visible Assets. At Xendoo, Packert will drive the 18-month road map on software development and will continue to lead infrastructure and machine learning initiatives to increase bookkeeping productivity through unprecedented innovation.
“I’m thrilled to join the world-class team at Xendoo and look forward to helping the company expand and deliver its exceptional technology and service to small businesses,” said Packert. “When looking at this opportunity, it was apparent that Xendoo is committed to small business owners by providing the best offerings to help with their financial decisions. Our shared vision of creating a transformative accounting platform was a natural fit and clear next step for my career.”
To match the excitement of team growth, Xendoo will also be moving to an upgraded office space in the first quarter of 2020 to accommodate more employees. Xendoo will be moving to a 10,000 square foot office off Cypress Creek – a tech hub area of town and will be nearby companies like Citrix and Microsoft. The new office will be move-in ready upon arrival (complete with furniture) and the tools needed to ensure the team has the best work environment to allow the company to scale.
“On the heels of our latest funding round, it’s a very exciting time for Xendoo,” said Lil Roberts, CEO and Founder of Xendoo. “With Tom’s recent hire and current open positions in the South Florida market, Xendoo is growing exponentially in a short period of time, allowing us to better serve all business owners accounting needs.”
Xendoo currently works with clients spanning various industries such as Century 21, College Hunks Moving, F45 Gyms, Plato’s Closet, Tropical Smoothie and more. With users in 40+ states and eight countries, Xendoo plans to triple the size of its business over the next 18 months.