ScaleFactor, an Austin, Texas-based intelligent finance and automated accounting platform, raised $60m in Series C funding.
The round was led by Coatue Management, with participation from returning investors Bessemer Venture Partners, Canaan, Broadhaven Ventures, and Firebrand Ventures as well as new investors Vulcan, Stripes Group, and NextPlay Capital, among other prominent angel investors. Prior investors include Citi Ventures, Flyover Capital and others. Coatue will gain a board seat in conjunction with the round.
The company intends to use the funds to expand its ‘business OS’ capabilities and offer new solutions to SMBs.
Led by Kurt Rathmann, founder and CEO, ScaleFactor provides an online software platform that allows small- and mid-size businesses (SMB) to streamline and automate back-office tasks for bookkeeping, payroll and other financial and business processes.
In the coming year, the company plans to offer financial resources to SMBs.