Austin-based ScaleFactor,
Bessemer Venture Partners led ScaleFactor’s Series B round of funding. ScaleFactor has raised $53 million to date, according to Crunchbase
Other investors in the latest round include Canaan, Broadhaven Ventures, Firebrand Ventures, and multiple prominent angel investors.
ScaleFactor plans to use the funding to add
“Businesses get overwhelmed by administrative work jumping from siloed solution to siloed solution and should be able to focus on what makes them successful,” Kurt Rathmann, CEO
ScaleFactor’s sweet spot is providing a way for the nation’s 19 million small businesses with less than 100 employees to keep track of finances.
“The market for how companies manage their financial operations has evolved quickly,” Byron Deeter, Partner, Bessemer Venture Partners, said in a news release. “With Kurt’s roots as a CPA, he identified this problem early and guided ScaleFactor to be the leader in intelligent finance. We are excited to support their mission and growth.”
ScaleFactor realized over 700% annual customer growth in 2018, according to a news release.
In addition, ScaleFactor announced it has hired Francis Sullivan as its new Chief Technology Officer. Sullivan brings over 30 years of industry experience to this new position. Sullivan is a co-founder of Austin-based Spiceworks.
Robert Gilbreath joins as Senior VP of Marketing, previously he worked as Chief Marketing Officer and Vice President of Partnerships at Austin-based Shipstation. And Eric Steinhoff joins the staff to connect small businesses to funding. He previously worked as Chief Compliance Officer at Apple Pie Capital and at Capital One.