US-based bookkeeping and financial management services provider Pilot closed a $60m series C round on tuesday backed by payment technology producer Stripe.
Sequoia Capital led the round with additional participation from fellow venture capital firm Index Ventures.
Founded in 2016, Pilot provides a service that combines qualified finance experts and financial management software that helps companies manage their financial books and outsource the compilation of financial reports.
Clients pay an annual subscription and can access accounting software tools that integrate with existing applications by enetrprise software providers including Stripe and bookkeeping products like Quickbooks.
Financial information is collected by Pilot’s professional accounting team on a monthly basis, with machine learning-driven software deployed to remove common bookkeeping errors. The series C capital will help it expand its offering to cover more back-office services.
Waseem Daher, Pilot’s co-founder and chief executive, said: “Our first job out of college was owning a business in Boston.
“After a long week of sales, customer support and product development, I would be left with a pile of manual, tedious accounting work to do. We founded Pilot to be the solution we wanted for our business.”
Index Ventures led a $40m series B round for the company in April 2019 that included Stripe and unnamed existing investors, after a $15m series A in early 2018 backed by Index Ventures and undisclosed others. Pilot had already collected $3.3m of seed funding from unnamed investors in 2017.