AUSTIN, TX, ScaleFactor, the smart finance and accounting platform that enables businesses to operate in real-time, today announced a $2.5M seed round.
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ScaleFactor, the smart finance and accounting platform that enables businesses to operate in real-time, today announced a $2.5M seed round with Next Coast Ventures, Techstars Ventures, Firebrand Ventures, Matchstick Ventures, Edison Factory and Flyover Capital.
ScaleFactor enhances the way the 29 million small businesses in the U.S. use their financial data by automating painful and time-consuming tasks like bookkeeping. The Austin startup provides business management software that allows key decision makers to run their entire business in one place, translating difficult-to-understand financial data into a proactive platform.
"Accountants that don't provide proactive guidance do a disservice to their clients," said Kurt Rathmann, CEO and Founder, ScaleFactor. "ScaleFactor addresses this need and is uniquely poised to fundamentally change the way people perform accounting and finance functions in their small businesses. Our investors understand the importance of automating and streamlining accounting tasks and ScaleFactor's technology is pivotal in moving business from the reactive to the proactive space."
ScaleFactor previously raised $370K in March 2015 and participated in the Techstars Austin Accelerator in Spring 2017. This current round will propel ScaleFactor's product development of innovative technologies to further automate bookkeeping and forecasting solutions, while delivering control to business owners to manage and streamline their operations.
Accounting Software Powered by Machine Learning
Powered by machine learning, ScaleFactor becomes more precise with use, removing the cycle time it takes to generate and digest financial data. It also provides accounting information that can help guide businesses away from reactive measurements, allowing for more accurate operations and forecasting.
"Two of our investment themes focus on the future of work and full-stack software business models, and ScaleFactor's product hits both of these right on the head," said Mike Smerklo, Co-Founder and Managing Director, Next Coast Ventures. "Their intuitive software platform doesn't just empower better financial decisions by changing the nature of accounting and finance, it also streamlines business operations for human managers and creates a valuable experience for its users."
"Small businesses need to be able to automate and optimize finance and accounting responsibilities in order to move towards proactive bookkeeping," said Derek Keller, Principal, Techstars Ventures. "ScaleFactor provides business owners with just that -- a central cockpit to monitor performance and unlock critical insights to further accelerate growth."
With the addition of new features such as mobile development and the creation of a Trusted Partnership Network, ScaleFactor is becoming the most innovative small-business accounting tool in the marketplace.
ScaleFactor is the smart finance and accounting platform that enables businesses to operate in real time. Designed with business owners and financial experts in mind, ScaleFactor integrates with existing cloud software to provide automation tools for bookkeeping, tax compliance and financial analysis. Save time with more accurate financial operations at scalefactor.com.
About Next Coast Ventures
Next Coast Ventures is an Austin-based venture capital firm founded for entrepreneurs, by entrepreneurs. It engages top entrepreneurs in 'Next Coast' markets to build a robust portfolio comprised of early-stage and high-growth startups disrupting big markets with innovative technology. The fund provides comprehensive company building resources to support the portfolio's business growth and its leaders' personal growth as rising entrepreneurs.