Bookkeep.com, a provider of data entry automation for accounting firms and small businesses, announced raising $3.3 million in a venture funding round led by Lerer Hippeau, an early-stage venture capital fund.
The funding round was also participated by fintech investor TTV Capital, VC and hedge fund firm Argonautic Ventures, and Correlation Ventures, according to the announcement.
Bookkeep.com’s SaaS application aggregates daily detailed financial data from e-commerce and point of sales systems, such as Square, Shopify, Amazon Seller, Stripe, Paypal, Squarespace, and Woocommerce.
This data is then summarized and posted to QuickBooks Online, Xero, and other accounting platforms. Historically, this task has been a time-consuming, manual process for SMBs, bookkeepers, and accountants.
“Accountants and bookkeepers who use bookkeep.com™ are saving at least 20 hours per month per client which means they can take on more clients, thereby increasing their profits,” said Ruth Ku CPA, Co-Founder, and COO of bookkeep.com.
Ku said the investment will help the company solve a huge problem for accountants, whose clients are increasingly using multiple cloud-based revenue and payment systems to run their business.
“Businesses are using multiple payment and revenue systems to sell in our multi-channel world. Each day detailed financial data must be posted for each then reconciled to deposits the next day,” said Caitlin Strandberg, who led the investment for Lerer Hippeau.
On the other hand, Gardiner Garrard, the founding partner at TTV Capital, was one of the first venture investors in ShopKeep, the leading iPad Point of Sale software company started by bookkeep.com CEO and Co-Founder Jason Richelson, which Lightspeed acquired in 2020.
Richelson said the investment is a testament to the value that Bookkeep.com brings to accountants and small and medium business owners who have been struggling with accounting tasks that are not automated.
“We look forward to working with Caitlin Strandberg, Eric Hippeau, and Gardiner Garrard to transform the way accurate bookkeeping is accomplished,” he added.