Botkeeper Raises $42M in Series C Funding

Bookkeeping automation provider Botkeeper has raised $42 million in Series C financing. The round was led by Grand Oaks Capital, an investment firm founded by Paychex founder and chairman Tom Golisano. Golisano will take a seat on Botkeepr’s six-member board of directors.

Led by CEO and founder Enrico Palmerino, Botkeeper provides an automated bookkeeping solution to accounting firms, using a unique combination of technology and team members. The company intends to use the funds for the expansion of its platform, customer success teams, and strategic partnership initiatives.

“I couldn’t be more thrilled to partner with and learn from someone as legendary as Tom. This partnership, the capital, and adding Tom to our board will help accelerate our growth and product strategy,” said Palmerino. “We remain hyper-focused on delivering solutions to accountants and the industry as a whole that maximize capacity, increase accuracy, assist with retention, accelerate growth, and improve client experience.”

Golisano has a serial track record of success in starting and investing in businesses that have achieved extraordinary outcomes. As the entrepreneur behind the company Paychex, Golisano’s growth strategy focused on selling automated payroll, then later automated human resources and 401K offerings, many of which were offered to businesses directly through accounting firms.

“I’m excited to be part of the next phase of Botkeeper’s growth. Enrico has built an incredibly disruptive company that has a tremendous amount of market potential,” said Golisano.

Botkeeper allows accounting firms to increase productivity and capacity by experiencing better efficiencies, while supporting more clients, at a higher frequency with fewer resources. Repetitive and predictable tasks like transaction categorization and reconciliations have successfully been automated by Botkeeper’s machine learning and software, while the complex and unpredictable tasks that require critical thinking, are augmented by skilled accountants. Botkeeper accounting partners typically experience 50 percent efficiency gains on average, allowing them to offer new services, scale their client base, or simply do more of what they love.

Since its launch in July 2015, Botkeeper has seen rapid growth, having expanded its services to approximately 200+ accounting firms and 5000+ small businesses throughout the United States. The Botkeeper Operating System (BOS) has drastically improved archaic accounting processes through machine learning, integrations, and software workflow optimization. Processing more than one million lines of transactions per month, the Botkeeper Operating System is currently responsible for saving firms millions of dollars annually and providing them with hundreds of thousands of incremental hours in billable capacity.

The company is expanding on its accomplishments by taking the next step into its evolution, having built a reliable, innovative business foundation, while leaning into future growth. With this recent funding round, the team will be doubling down on its automation and platform roadmap while continuing to collaborate with industry leaders to help firms of all sizes support their clients and communities, and of course, providing a world class experience.