US-based accounting software developer Pilot has secured $40m in a series B round that included payment technology producer Stripe.
Venture capital firm Index Ventures led the round, which also featured unnamed existing investors, boosting the company’s overall funding to $59m.
Founded in 2016, Pilot has built a bookkeeping service that combines accounting software and human expertise from account managers employed by the company to categorise financial transactions and automate the bookkeeping process for startups and other small businesses.
The round was disclosed alongside the launch of Pilot Tax, a service that provides support for users filing income reports and income tax filings. Pilot intends to put the series B funding into product development.
Index Ventures led a $15m series A round for the company in March 2018, investing alongside undisclosed entrepreneurs. Pilot had previously received $3.3m in seed capital from undisclosed investors in January 2017.
Waseem Daher, Pilot’s co-founder and chief executive, said: “We founded Pilot because we saw first-hand from entrepreneurs struggling with this area that it was time to bring bookkeeping into the 21st century.
“We are proud that our customers find our service to be trustworthy, accurate, reliable and delightful to use, and that investors like Index and Stripe are excited by our vision.”