Zeni, a Palo Alto fintech company that provides real-time financial services data to venture capital-funded startups, has raised $34 million in Series B funding led by Elevation Capital.
The zeni 34m series capitalhalltechcrunch new investment comes just five months after Zeni announced $13.5 million in a seed and Series A round.
The firm has raised a total of $47.5 million since it was founded in 2019.
Elevation was joined in the new round by new investors Think Investments and Neeraj Arora.
Also, a part of the investment, Ravi Adusumalli, the founder and managing partner of Elevation Capital, will join Zeni’s board of directors.
The Shinde brothers founded the company after selling their latest business, Mezi, a travel concierge, to American Express in 2018.
Zeni’s AI-powered financial concierge platform offers and manages accounting, bookkeeping, tax and CFO services for a flat monthly fee starting at $299 per month.
Also, Founders have real-time access to financial information, including deposits and withdrawals, operating expenses, annual taxes, and financial forecasts.
It is hrough the zeni 34m series capitalhalltechcrunch dashboard. You can also download the financial data in the portion you want.
At the time of its Seed/Series A round, the company was managing more than $200 million in funding each month.
And also, it has grown to more than $500 million, CEO Swapnil Shinde told TechCrunch. Clients range from startups with no revenue generating to businesses with annual sales in excess of $100 million.
Zeni is a firm that saw 550% year-over-year revenue growth while the company’s customer base grew 375%, driven by referrals and organic growth, Swapnil Shinde said.
Despite the growth, Serie B came as a surprise to the brothers. The company is already “very well capitalized” with most of the previous round still ongoing, Swapnil Shinde said.
However, Zeni received so many incoming requests that he said it was too exciting to pass up. Especially with the addition of Elevation Capital as an investor.
Shinde said that’s attractive because the company is an investor in Paytm and “knows how to partner and build unicorns.”
The new funds will be helpful to further scale and expand the accounting and accounting functions and accelerate hiring, particularly in the verticals of engineering, sales and finance teams. Shinde expects to double or triple the finance team over the next year.
“As our clients scale to their Series B, more can use our real-time solution to see what’s happening with their finances, especially for start-ups and companies that have a more remote workforce.
Zeni has raised a $34 million Series B round led by Elevation of Capital with participation from investors Think Investments and Neeraj Arora.
Also, the funding will help us bring our smart accounting and bookkeeping platform and services to more clients and support the growth of the Zeni team across all verticals.
Over the past 12 months, we’ve seen tremendous demand from start-ups to digitize and automate their business finance.
zeni 34m series capitalhalltechcrunch leading to 550% revenue growth and 375% year-over-year customer growth.
Today, Zeni manages more than $500 million in funds each month for more than 100 emerging clients ranging from start-ups with no revenue to companies with more than 100 million dollars in annual revenue.
Existing investors Saama Capital, Amit Singhal, Sierra Ventures, The Twin Ventures, Dragon Capital and Liquid 2 Ventures also participated in the round.
Therefore, the growth to date has been driven solely by referrals and organic leads.
They are grateful to Zeni’s customers, investors, partners and the entire Zeni team for helping us achieve what we have achieved so far and look forward to growing Zeni together for years to come.
The firm’s approach combines venture capital expertise with a diverse community of more than 250 limited partners and marketing professionals who work with portfolio companies to accelerate revenue growth.
Company co-founders Jay Po, a former investor at Bessemer Venture Partners, and Mark Roberge, a former Chief Revenue Officer of HubSpot, launched Stage 2 Capital in 2018.
During his time at Bessemer, Po told TechCrunch he met startup founders who weren’t sure how to increase sales or build a sustainable selling machine.
Realizing how big the GtM skills gap was, he took evening and weekend sales development classes to better understand what was going on.
At the same time, Roberge worked on the faculty of Harvard Business School and advised start-ups.
Their goal is to scale startups at the right time. While startups should grow 100% or 200%.
Many startups scale prematurely because they see certain companies experiencing massive growth at the same time and assume this is the right way to go.
Zeni reported revenue growth of 550 percent year-over-year, while the company’s customer base grew 375 percent, driven by referrals and organic growth.
Despite the growth, Series B surprised the brothers. The company was already “very well capitalized,” with most of the previous round still pending.
However, Zeni started getting so many requests that he said it was too exciting to broadcast.
Especially, with the addition of Elevation Capital as an investor.
It was attractive because the company was an investor in Paytm and “knows how to partner and build unicorns.”
The new funds will be used to continue scaling and growing the finance and accounting functions and to accelerate hiring, particularly in the verticals of engineering, sales and finance teams.
“As our customers transition to their Series B, more can use our real-time solution to see what’s happening with their finances.
Especially, with startups and companies that have more of a remote workforce.
Zeni, a Palo Alto-based fintech that provides real-time financial data insights to small to medium-sized startups.
It is announcing the raising of a $34 million Series B led by Elevation Capital, according to a press release.
Therefore, the company says it will use the funds to continue scaling the platform, grow its finance.
And also, accounting functions, and accelerate hiring across its engineering, sales and finance teams.
CEO Swapnil Shinde wants to double or triple the finance team in the next year, according to TechCrunch.
“There is strong demand from startups to digitize and automate their corporate finance, leading Zeni to see 550% revenue growth and 375% year-over-year client growth.
New investors Think Investments and Neeraj Arora have joined existing investors Saama Capital.
Also, Amit Singhal, Sierra Ventures, Twin Ventures, Dragon Capital and Liquid 2 Ventures to participate in the fundraising.
Elevation Capital founder and managing partner Ravi Adusumalli will join Zeni’s board following the financing, according to FinExtra.
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