US-based bookkeeping software developer Botkeeper secured $25m yesterday in a series B round featuring Gradient Ventures, the artificial intelligence (AI) investment vehicle for internet technology provider Google.
Venture capital firm Point72 Ventures led the round, which included Greycroft Partners, High Alpha Capital, Ignition Partners, Oakridge Management Group, Peak State, Republic Labs and Sorenson Capital.
Botkeeper has developed an AI-equipped bookkeeping system to help companies automate their accounting and finance processes. The fresh funding will help it expand its market share in the United States and increase headcount across its technology development, engineering, sales and customer service departments.
The round took Botkeeper’s funding to $47.5m since it was founded in 2015. Gradient Ventures and Greycroft Partners co-led its $18m series A round in late 2018, after Ignition Partners and multiple individual investors had supplied $4.5m in seed capital the previous year.
Enrico Palmerino, co-founder and chief executive of Botkeeper, said: “I am absolutely thrilled to be partnering such an impressive investor base. Their track records and expertise in fintech and AI 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.”
