We’re excited to announce Zeni has raised a $34M Series B round led by Elevation Capital with participation from new investors Think Investments and Neeraj Arora. This funding will help us to bring our intelligent bookkeeping and accounting platform and services to more customers, and support growing the Zeni team across all verticals.
Over the past 12 months, we’ve seen a huge demand from startups to digitize and automate their business finances, leading Zeni to experience 550% revenue growth and 375% customer growth year-over-year.
Today, Zeni manages more than $500 million in funds each month across more than 100 startup customers, which range from pre-revenue startups to businesses generating more than $100 million in annual revenue.
Existing investors Saama Capital, Amit Singhal, Sierra Ventures, Twin Ventures, Dragon Capital and Liquid 2 Ventures also participated in the round. Additionally, we’re excited to welcome Ravi Adusumalli, Founder and Managing Partner at Elevation Capital, as a new member of Zeni’s board.
Our growth to-date has been driven exclusively by referrals and organic leads. We are grateful to our customers, investors, partners, and the entire Zeni team for helping us achieve what we have thus far, and look forward to growing Zeni together in the years to come.
Read more about the news on TechCrunch.
Rapid adoption of digital finance solutions fuels Zeni’s growth
Startups and small businesses are fundamentally changing how they operate based on digital-first tools and services that are displacing the traditional, slow and human-intensive services across every category.
According to a recent report from McKinsey & Company, based on surveys with more than 900 C-suite executives, workplace conditions over the past year forced businesses to accelerate adoption and deployment of digital solutions across the enterprise, accelerating businesses' transformation by up to three years.
Startup founders are particularly overwhelmed with the countless finance functions they must manage to stay on top of their business finances, when their time is better spent growing and scaling their business.
As product-minded founders ourselves, the experience of poring over Excel spreadsheets to understand our business finances every month was antiquated, time consuming and frustrating. We recognized the opportunity to leverage our experience in product, AI and automation to create a fluid, digital-first bookkeeping and accounting experience for startups — and Zeni was born.
Zeni: Startup bookkeeping engineered to power high velocity decision making
Zeni is tackling the root of startup risk—financial management—with a seamless blend of human finance experts and advanced artificial intelligence, machine learning and robotic process automation technology, resulting in an incredibly fast, streamlined, intuitive way for startups to manage their finances.
The Zeni experience is two-fold:
- Every Zeni customer is paired with a team of human finance experts to manage their day-to-day bookkeeping and accounting tasks on their behalf. We integrate with our customers’ existing finance stack and maintain their accounting records in Quickbooks Online, so there is no need to change or subscribe to new accounting software or tools.
- Every Zeni customer unlocks access to a personalized Zeni Dashboard, which gives startup founders real-time access to key financial insights for the first time — including burn rate, operating expenses, cash/card balance, revenue by product, month-end reports, cash in/cash out and more. Our focus is to make finance management as seamless as possible for our customers, which is reflected in the minimalist, intuitive product experience within the Zeni Dashboard
And as a result, Zeni customers are no longer flying blind as they await their month-end financial reports. Zeni is lightning fast, performing daily bookkeeping and pushing financial data to the Zeni Dashboard in real-time, empowering startup founders to not only manage their business finances, but proactively define their financial futures.