ScaleFactor Adds $30M from Bessemer to Boost Accounting Software
Austin—ScaleFactor is adding a $30 million round of funding led by Bessemer Venture Partners to make new hires and add more features to its software that automates accounting and provides financial insights.
The Austin, TX-based company targets small- and medium-sized business with its software, noting that there are 19 million in the U.S. with fewer than 100 employees. ScaleFactor didn’t say what features it’s adding to the service, though it did announce it hired a new chief technology officer, Francis Sullivan, who co-founded Austin-based Spiceworks.
In addition to moving into a new headquarters in Austin, the company is opening four remote offices, though it didn’t say where. The $30 million in new funding is the company’s Series B financing round; it followed a $10 million Series A round in July 2018 and a seed round of $2.5 million in 2017. Earlier investors Canaan Partners, Broadhaven Ventures, Firebrand Ventures, and angel investors also participated.