BodeTree, a Denver, CO-based online service that helps small business owners better understand their finances, raised $2m in funding.
The round was led by Greenline Ventures and other private investors.
The company intends to use the funds to continue to improve the platform, as well as to grow revenue and increase its user base to more than 200,000 small businesses.
Founded in 2011 by Chris Myers and Matt Ankrum and launched in 2012, BodeTree provides entrepreneurs with an online tool, which connects with a small business’ day-to-day accounting software (it now supports multiple accounting platforms, including QuickBooks Online and Xero) to create a comprehensive snapshot of financials, forecasts, and valuation. BodeTree also helps small businesses set growth goals and strategy, and provides a feature to apply for and access loans.
It is used by more than 50,000 small business owners and the company expects that number to double in the coming months as a result of partnerships with local small business associations in Arizona, Michigan and Ohio.
BodeTree had raised $1.4m in April 2013 (read here).