ScaleFactor raised $30 million to help small businesses manage their accounting and finances, the latest funding round for the company led by Bessemer Venture Partners, which helped fund companies like Shopify and Yelp.
The company also made some executive hires, including Robert Gilbreath, who joins ScaleFactor as Senior Vice President of Marketing. Gilbreath knows online sellers well – he comes from Shipstation, which provides shipping solutions to merchants and shippers.
ScaleFactor is based in Austin, Texas and is headed by CEO Kurt Rathmann, a CPA (Certified Public Accountant) who started the company when he saw the need to help small companies automate complex accounting tasks and translate financial information into usable business insights.
The company is trying to automate what is normally a “painful and time-consuming process” for small businesses who are “stuck between an Excel spreadsheet and software that can cost over $100,000.” ScaleFactor’s current offerings include Automated Bookkeeping, Bill Pay and Invoicing, Cash Vision and Business Insights.
From the press release:
“ScaleFactor empowers small business owners by consolidating and automating complex back-office operations into one platform to create an intuitive “business OS.” The new capital will fuel additional features and headcount in the company’s Austin headquarters and enable them to expand nationwide.
“”Businesses get overwhelmed by administrative work jumping from siloed solution to siloed solution and should be able to focus on what makes them successful,” said Kurt Rathmann, CEO and Founder of ScaleFactor. “Our vision of a comprehensive business operating system, built with their needs in mind, allows our customers to be proactive with their business, operate in control and drive success.””
Also joining the company are Francis Sullivan as Chief Technology Officer and Eric Steinhoff, Senior Vice President.
You can read more about the new growth initiatives in this letter from ScaleFactor’s CEO.