Zeni Raises $13.5 Mn In Series A Round Led By Saama Capital
The funds will be used for real-time insights to startup founders via intelligent bookkeeping, accounting, and CFO services
California-based bookkeeping fintech Zeni on Tuesday announced to have raised $13.5 million in Series A funding round led by Saama Capital with participation from Amit Singhal, Sierra Ventures, SVB Financial Group, Liquid 2 Ventures, Firebolt Ventures, Dragon Capital, and Twin Ventures, with additional prominent angel investors.
The company also announced it has launched the first artificial intelligence (AI)-powered finance concierge for startups, making its intelligent bookkeeping, accounting, and CFO services available to businesses across the United States.
“Startup founders are flying blind daily because they don’t have access to a timely, accurate snapshot of their business finances,” said Swapnil Shinde, co-founder, and chief executive officer, Zeni. “We’re giving founders and startup decision-makers real-time visibility, control, and expert support with a finance solution that can finally keep pace with their growing business.”
The company has experienced rapid growth and adoption since onboarding its first paid customers in January 2020, today managing more than $200 million in funds every month across more than 100 startup customers.
Using a seamless blend of artificial intelligence and a dedicated team of certified finance experts, Zeni’s full-service finance concierge performs daily bookkeeping and manages all other financial needs of its customers. The speed and accuracy of this approach give startup founders real-time access to key financial insights via the Zeni Dashboard — including burn rate, operating expenses, cash/card balance, revenue by product, month-end reports, and more.
“Bookkeeping automation is a $10 billion market opportunity begging for a solution that can optimize human output and meet the needs of growing businesses,” said Ash Lilani, managing partner, Saama Capital. “When Swapnil and Snehal said they wanted to challenge the fragmented, complex bookkeeping solutions on the market today, we knew they were the team to do it. We’re thrilled to support Zeni in helping startups optimize their business daily.”
The platform has processed more than $300 million in transactions in its first year and is on-track to process a total of $1 billion in transactions in the next 12 months.