ScaleFactor closes $60m Series C funding round
ScaleFactor, an intelligent finance and automated accounting platform, announced that it raised a $60 million Series C funding round led by Coatue.
On the heels of its Series B in January 2019, ScaleFactor has raised a total of $100 million in the past year.
This funding round includes returning investors Bessemer Venture Partners, Canaan, Broadhaven Ventures, and Firebrand Ventures as well as new investors including Vulcan, Stripes Group, and NextPlay Capital, among other prominent angel investors. Prior investors include Citi Ventures, Flyover Capital and others.
ScaleFactor’s online financial software empowers small-and-mid-size businesses (SMB) by streamlining and automating back-office tasks, from bookkeeping to payroll and provides a built-in cadence to business operations, giving owners access to tools and insights previously only available to enterprise companies.
The new capital will allow the company to expand its ‘business OS’ capabilities and offer new solutions to SMBs, firmly establishing ScaleFactor as the foundational platform for SMB operations.
ScaleFactor has taken our collective experience and focused our entire model on addressing these needs directly to empower SMBs with technology and services that were formerly only available for large enterprises. We are excited to add Coatue and all of our new investors to the ScaleFactor family.”
“ScaleFactor is building the most comprehensive financial software-as-a-service (SaaS) platform on the market for SMBs,” says Thomas Laffont, Coatue’s co-founder. “ScaleFactor is the back-office connection point that simply makes it easier to run a business. We are very pleased to invest in and support ScaleFactor on their path toward market leadership in the fintech sector.”
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.
Coatue will gain a board seat in conjunction with leading the round.