Hubdoc, a Toronto, Canada-based cloud accounting application that automates financial document collection and processing, secured US$4.85M in seed funding.
The round was led by BDC IT Venture Fund and Round13 Capital with participation from Hyde Park Venture Partners and other investors.
The company intends to use the funds to scale growth in North America, Australia and the United Kingdom, to accelerate innovation in accounting automation, and invest in talent across product development, machine learning, sales and marketing.
Led by Jamie Shulman, Co-founder and Co-CEO, Hubdoc leverages cloud computing and machine learning to automatically collect and analyze business documents for financial reporting, reconciliation and audit proofing.
With growth in North America, and recent expansion into Australia, the company supports thousands of accounting and bookkeeping firms and tens of thousands of businesses on its platform.