Beanworks, a Vancouver, Canada-based accounting automation company, rasied $4.5M in Series A funding.
The round was led by Vancouver Founder Fund and Timia Capital.
The company intends to use the funds to scale operations.
Founded in 2012 by Catherine Dahl, CEO, and Reza Sanaie, Chief Innovation Officer, Beanworks provides a SaaS based accounting automation platform that connects mid-sized enterprises from invoice to payment. From purchase order to electronic payment, it integrates with an existing software to enable users to manage accounts payable while remaining focused on financial management and reporting.
This round comes after the announcement of a major partnership with Sage Accounting, a market leader for integrated accounting, payroll and payment systems, signed in November 2016. Sage now offers Beanworks as their official AP automation provider in North America.
Beanworks also announced the appointment of:
– Karim Ben-Jaafar as Chief Growth Officer,
– Robert Fink as VP of Engineering, and
– Jack Hilliard as VP of Finance.