Abacus, a New York City-based provider of an employee expense system, raised $3.5m in seed funding.
The round was by Bessemer Venture Partners and General Catalyst, with participation from Bloodstone, CrunchFund, FundersClub, Google Ventures, Homebrew, Sherpalo, Patrick and John Collison of Stripe, Josh Reeves of ZenPayroll, Jeff Epstein, former CFO of Oracle and DoubleClick, Naval Ravikant of AngelList, Andrew Kortina and Iqram Magdon-Ismail of Venmo, Adam Erlebacher of Simple, Sumon Sadhu of Quid, Nas and Paul Buchheit of Y Combinator.
The company intends to use the funds to hire new people and continue to expand operations.
Co-founded by Omar Qari, Ted Power and Joshua Halickman, Abacus provides a realtime employee expense system that allows employees spending money on behalf of their company to be reimbursed quickly and managers to access and monitor their cash flow. Launched in January, the company serves Pinterest, Foursquare, Coinbase, Betterment and over 150 other customers.