New York, NY – Bookkeep.com Inc, the leader in data entry automation for accounting firms and small to mid-sized businesses (SMBs), announced the closing of their first $3.3 million venture financing round today. The investment was led by Lerer Hippeau with co-investment from TTV Capital, Argonautic Ventures, and Correlation Ventures.
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 CEO and Co-Founder Jason Richelson, which Lightspeed (Nasdaq: LSPD) acquired in 2020.
“As an early investor at ShopKeep, we saw first-hand Jason’s keen intuition around product and market fit as he created one of the first cloud-based tablet POS systems to empower merchants. We believe with Bookkeep, he has developed another powerful solution that addresses an overlooked opportunity in a huge international market. We think Bookkeep will be a game-changer for accounting firms and SMB finance departments,” said Gardiner Garrard of TTV Capital.
“We are very excited to announce this first investment which is a testament to the value we bring to accountants and SMBs who have been struggling with accounting tasks that are still not automated,” said Richelson. “Lerer Hippeau and TTV Capital have a long history of identifying big opportunities and backing market leaders in the accounting financial technology space, including Bill.com and Bench. We look forward to working with Caitlin Strandberg, Eric Hippeau and Gardiner Garrard to transform the way accurate bookkeeping is accomplished.”
Bookkeep’s SaaS application aggregates daily detailed financial data from ecommerce 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. Bookkeep’s accounting automation software is highly accurate and saves valuable time by automating the reconciliation of deposits to sales.
“Accountants and bookkeepers who use Bookkeep 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. “We are so excited that this investment will help us solve a huge problem for accountants, like me, 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. There has never been a standardized, simple, automated solution to this problem until bookkeep.com™,” said Caitlin Strandberg, who led the investment for Lerer Hippeau.
Bookkeep is the leading provider of summarized financial automation and deposit reconciliation for retail, restaurant and ecommerce businesses. Bookkeep automates the time-consuming, complex process of posting daily financials from multiple sales channels to accounting systems like QuickBooks and Xero. Our automation saves accountants and bookkeepers at least 20 hours per month per client and makes them smile. Our platform integrates with Square, Shopify, Grubhub, Amazon Seller, Squarespace, Stripe, Paypal, and many many more. For more information, visit https://www.bookkeep.com