$42 million. That’s how much in Series C financing Botkeeper raised in a recent round led by Grand Oaks Capital. The investment firm is founded by Paychex founder and chairman Tom Golisano, who will take a seat on Botkeepr’s six-member board of directors.
The bookkeeping automation provider, led by founder and CEO Enrico Palmerino, provides an automated bookkeeping solution to accounting firms through a unique combination of technology and team members. The company intends to use the funds for the expansion of its platform, customer success teams and strategic partnership initiatives.
Botkeeper allows accounting firms to increase productivity and capacity by experiencing better efficiencies, while supporting more clients, at a higher frequency with fewer resources. Repetitive and predictable tasks like transaction categorization and reconciliations have successfully been automated by Botkeeper’s machine learning and software, while the complex and unpredictable tasks that require critical thinking, are augmented by skilled accountants. Botkeeper accounting partners typically experience 50% efficiency gains on average, allowing them to offer new services, scale their client base or simply do more of what they love.
Palmerino believes the partnership, capital and relationship with Golisano will help accelerate the company’s growth and product strategy. “We remain hyper-focused on delivering solutions to accountants and the industry as a whole that maximize capacity, increase accuracy, assist with retention, accelerate growth and improve client experience.”
“We remain hyper-focused on delivering solutions to accountants and the industry as a whole that maximize capacity, increase accuracy, assist with retention, accelerate growth and improve client experience.” — Enrico Palmerino, Founder & CEO, Botkeeper
With a serial track record of success in starting and investing in businesses that have achieved extraordinary outcomes, Golisano’s growth strategy at Paychex focused on selling automated payroll, then later automated human resources and 401K offerings, many of which were offered to businesses directly through accounting firms. “I’m excited to be part of the next phase of Botkeeper’s growth,” he says. “Enrico has built an incredibly disruptive company that has a tremendous amount of market potential.”
Since its launch in July 2015, Botkeeper has seen rapid growth, having expanded its services to approximately 200-plus accounting firms and 5,000-plus small businesses throughout the United States. The Botkeeper Operating System (BOS) has drastically improved archaic accounting processes through machine learning, integrations and software workflow optimization. Processing more than one million lines of transactions per month, the Botkeeper Operating System is currently responsible for saving firms millions of dollars annually and providing them with hundreds of thousands of incremental hours in billable capacity.
Today, Botkeeper is expanding on its accomplishments by taking the next step into its evolution, having built a reliable, innovative business foundation, while leaning into future growth. With this recent funding round, the team will be doubling down on its automation and platform roadmap while continuing to collaborate with industry leaders to help firms of all sizes support their clients and communities and, of course, provide a world class experience.