ScaleFactor Raises Third Round $60M In 13 Months After 700% ARR Growth In 2018

Publicado em 18 de agosto de 2023

With a team of SMB experts at the helm of ScaleFactor, the company has created an intuitive business OS, offering automated back-office solutions for bookkeeping, payroll and other financial and business processes. In the https://www.bookstime.com/articles/double-declining-balance-method coming year, ScaleFactor plans to revolutionize how SMBs access capital by offering financial resources that are often inaccessible to businesses of their size. ScaleFactor, a fintech startup that enables small business owners to focus on their core business by automating complex back-office operations, has secured $30 million Series B round of funding to add new product features, hire more staff at its Austin headquarters and expand nationwide. The latest round was led by Bessemer Venture Partners, with participation from returning investors including Canaan, Broadhaven Ventures, Firebrand Ventures and multiple prominent angel investors. In less than six months, ScaleFactor has raised a total of $40 million in funding.

ScaleFactor to grow with $30m series B

In terms of the force and speed conditions of the development of metal shear displacements during rolling, the effect is achieved by increasing the locally deformed volume of material by the rolls. Our Division of Small Business and Technology Development is a hub of programs and services designed to help your business grow and succeed. New York Ventures is actively deploying over $300 million of capital through equity programs for both direct and indirect investment. Department of Treasury State Small Business Credit Initiative, which helps us to support our several programs.

Who is the current CEO of ScaleFactor?

We alert you to what needs attention and make proactive suggestions with your bottom line in mind. Get scalefactor back to business with the confidence that ScaleFactor is on your side. On the heels of its Series B in January 2019, ScaleFactor has raised a total of $100 million in the past year.

ScaleFactor ceases operations

This funding round includes returning investors Bessemer Venture Partners, Canaan, Broadhaven Ventures, and Firebrand Ventures as well as new investors including Vulcan, Stripes Group, and NextPlay Capital, among other prominent angel investors. Austin-based fintech startup ScaleFactor has raised a $60 million Series C just seven months after closing its $30 million Series B, and just over a year after closing its $10 million Series A. In total, the company has raised $100 million since last July. GCV provides the global corporate venturing community and their ecosystem partners with the information, insights and access needed to drive impactful open innovation. Across our three services – News & Analysis, Community & Events, and the GCV Institute – we create a network-rich environment for global innovation and capital to meet and thrive. At the heart of our community sits the GCV Leadership Society, providing privileged access to all our services and resources. “In time, we want to be known as the news feed for a business,” Rathmann said.

Share this article

New York Ventures supports high-growth companies and their partners to use technology to solve important challenges in areas of strategic interest and importance. We actively look to provide greater access to venture capital for regions, industries and individuals, including women and minority entrepreneurs and fund managers. Our goal is to build a robust startup ecosystem across New York State, leveraging public and private sector assets. It was then reported that customers started to cancel, while some of them demanded refunds. According to former customers mentioned in the article, ScaleFactor was overpromising and underdelivering, creating erroneous bookkeeping, and being viewed as more of a bookkeeping service business than a software platform.

• From bookkeeping to payroll, ScaleFactor provides a built-in cadence to business operations, giving owners access to tools and insights previously only available to enterprise companies.
• At a time when small and midmarket companies are often overlooked, ScaleFactor’s momentum is built off of a unique understanding of their needs.
• Current offerings include Automated Bookkeeping, Bill Pay and Invoicing, Cash Vision and Business Insights.
• For the rolls under consideration, the existence of an optimal scale factor of the deformation zone is revealed, which ensures the most effective action on the macrostructure of the deformed billet.
• “There’s a lot of them, and they need a lot of help,” he told Crunchbase News.

“We alert our customers to what needs attention and make proactive suggestions with their bottom line in mind.” Looking ahead, the company is also eyeing the accounting lending space. The round included Broadhaven Ventures, a branch of independent investment bank and advisory firm Broadhaven, as well as venture capital fund Firebrand Ventures and VC firm Canaan Partners, taking the company’s overall funding to approximately $42.9m. Since 2015, NY Ventures has invested directly and through its 7 partner funds to close gaps in access to capital. The Citi Ventures-backed bookkeeping software provider has increased its total funding to almost $43m in a Bessemer Venture Partners-led round. The New York Ventures team has extensive experience as investors and entrepreneurs, with offices in New York City, the Southern Tier, Western NY and the Capital Region. In addition, we regularly collaborate with our partners within the Small Business and Technology Development Division who help entrepreneurs at all stages of growth and development.

New York State’s Venture Capital Arm

The round was led by Coatue Management, with participation from returning investors Bessemer Venture Partners, Canaan, Broadhaven Ventures, and Firebrand Ventures as well as new investors Vulcan, Stripes Group, and NextPlay Capital, among other prominent angel investors. Along with a sizzling AI market, other trends that emerged from our reporting and data include a cooler seed funding environment and hotter M&A… On January 21, 2021, TripActions, the cloud-based travel and expense management platform,… I’ll let you decide, but the one thing that’s apparent is that the challenge of interweaving accounting and AI functionalities into one platform that accomplishes tasks that are regularly performed by humans is no easy feat.