Collective Raises $50M to Become First AI-Powered Finance Platform for Freelancers
Summary
Their options are to use a patchwork of pricey tools, hire a team of advisors made harder by a growing accountant shortage or do all the finance and payroll work themselves. Collective is harnessing this capability by applying AI to the process of bookkeeping, accounting, and reconciliation, allowing them to accumulate a significant advantage over incumbents, said Darian Shirazi, General Partner at Gradient Ventures. Collectives complex workflows and proprietary data uniquely position them to leverage AI to disrupt the tax and accounting market.Collective has expanded nationwide and increased revenue by nearly 10x since its Series A round in 2021. Collectives AI technology and team of trusted advisors gives their members the freedom to focus on what matters by taking care of everything from business incorporation to accounting, bookkeeping, tax services and access to a thriving community all in one platform. Its a San Francisco-based startup backed by General Catalyst, QED, Googles Gradient Ventures, Expa, and prominent investors who have financed and built iconic companies like YouTube, Substack, Twitch, Box, Instacart, Lyft, and more.