ScaleFactor rakes in $60 mln Series C
Summary
AUSTIN, TEXAS — August 8, 2019 —ScaleFactor, the intelligent finance and automated accounting platform, today announced that it raised a $60 million Series C funding round led by Coatue. 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. “This company is a rocket ship of growth and has also managed to build a culture that empowers both its employees and its customers — a rare achievement in today’s market.” “ScaleFactor is providing small businesses with an operating system that was previously only available to large enterprises,” said Michael Gilroy, Partner, Canaan. “We are at an inflection point in time where SaaS is creating a level playing field for SMBs which previously had to resort to manual tasks via redundant hires. This is the future of fintech and we are thrilled to be a part of the ScaleFactor family since the Series A.” The funding follows a number of recent initiatives including ScaleFactor’s release of its inaugural State of SMB Finance Report, national expansion into Denver, and being named as one of Inc. Magazine’s Best Workplaces for 2019.