Zeni, a startup founded by twin brothers that launched earlier this year using artificial intelligence to track cash flow and do accounting, has secured $ 34 million in Series B funding.
The latest round of funding comes in addition to the $ 13.5 million the Palo Alto, Calif., Based company announced in March to venture capitalists and angel investors (see the story). The Series B funding was led by Elevation Capital, with the participation of new investors Think Investments, Neeraj Arora (the former chief commercial officer of WhatsApp) and existing investors, including Saama Capital.
Venture capital firms have flocked to the financial and accounting software market this year, thanks to the strength of the stock market and the economic recovery, despite the persistent COVID-19 pandemic.
Zeni, co-founded by CEO Swapnil Shinde and his twin, Product Manager Snehal Shinde, manages more than $ 500 million in funds each month through more than 100 client startups, which range from pre-revenue startups to companies generating more. of $ 100 million in annual income. Zeni plans to use the additional capital to bring its AI-powered accounting and accounting technology and services to more clients by aggressively investing in its team in the US and India in operations. of product, technology, marketing, sales and finance.
“Startups and small businesses are fundamentally changing the way they operate on the basis of digitally driven tools and services that replace traditional, slow and human-intensive services across categories,” Swapnil Shinde said in a statement. press release Wednesday. “There is a huge demand from startups to digitize and automate their business finances, which has led Zeni to experience 550% revenue growth and 375% year-over-year customer growth. on the other. Zeni tackles the root of startup risk – financial management – by applying artificial intelligence, machine learning and robotic process automation to create a fast, streamlined and intuitive way for startups to manage their finances. .
Zeni analyzes a company’s key financial metrics through its AI-powered Zeni dashboard, including cash inflow and outflow analysis and universal transaction search across a startup’s finances. , highlighting spending and revenue trends for each of their customers and suppliers. .
“Our goal at Zeni is to make financial management as transparent as possible for our customers, resulting in a minimalist and intuitive product experience within the Zeni dashboard,” Snehal Shinde said in a statement. “Each feature we introduce has an explicit purpose based on the needs of our customers and is meticulously designed to enable startup founders to find answers to their questions in the most direct and concrete way possible. “
As part of the agreement, the Managing Partner of Elevation Capital joins the Zeni Board of Directors. “Swapnil and Snehal’s track record of serial entrepreneurship has given them a good understanding of the founders’ day-to-day frustrations in managing their business finances,” he said in a statement. “This experience also gave them a clear vision that sets them apart from their peers. Digitizing and automating bookkeeping and accounting functions and giving founders an up-to-date understanding of their finances is essential to making informed decisions in a quick start-up environment and Zeni makes these tasks infinitely easier for founders. . “