Accelo Announces $9M Series A Funding
SAN FRANCISCO, CA, Pioneer in operations automation technology for service businesses and teams, today announced $9 million in Series A funding.
Accelo Inc., the pioneer in operations automation technology for service businesses and teams, today announced $9 million in Series A funding led by Level Equity with participation from Fathom Capital and existing investor Blackbird Ventures. The funding will help the company build out its newly-released Service Operations Automation (or ServOps) platform.
This Series A round builds on an exceptional year for Accelo where the company is experiencing a 120% increase in user growth. Accelo's technology, which integrates with third-party services for a seamless workflow, is used by thousands of small and medium service businesses worldwide who use the solution to manage client operations, including sales, quotes, projects, tickets, retainers, timesheets, billing, and scheduling - all from one place, in one platform. More than 80% of its monthly users utilize the platform daily with the average user spending more than an hour using the platform, highlighting exceptional user engagement.
"While we've grown Accelo profitably to thousands of clients, this new funding will help us bring ServOps to the millions of businesses and teams more quickly," said Geoff McQueen, co-founder and CEO of Accelo. "Given that Americans alone spend more than 40 billion hours a year working in this sector, the sooner we can streamline operations and let them focus on doing the work they love, the better."
"With a combination of deep experience in technology, design, and services, Accelo is well-positioned to pioneer the new Service Operations Automation category," said George McCulloch, Partner at Level Equity and new member of Accelo's board of directors. "The company's contrarian approach of delivering an integrated system for running the most important parts of a business, rather than just another tool, is clearly paying off."
Introducing ServOps: Service Operations Automation
Since the Great Recession, professional service businesses employ more than one in six private-sector employees and are responsible for 28% of jobs created in the US. These businesses and teams - including agencies, accountants, architects, consultants, designers, engineers, IT and many more - have unique operating challenges that have been largely ignored by the technology industry to date. While technology has helped people work faster and more productively, it hasn't made it easier to manage business operations.
The ubiquity of the cloud has created an opening for a new category of technology, ServOps, which runs the delivery and operations function of a service business or team. ServOps is optimized to meet the specific needs of service businesses, and brings together client management, sales & quoting, project management, service tickets, retainers, timesheets, expenses, purchases and invoicing into one, integrated platform to for running all client service operations.
"I learned firsthand how hard it is to build a successful service business," stated McQueen. "When I was running my first business, one of the biggest frustrations was not knowing what was going on in operations in time to take action - much less have visibility into the future. On any given day, I couldn't tell who was productive or which client projects were profitable. The only technologies available were clunky, hard to use legacy systems or operated in silos, which didn't help me manage the business. We created Accelo to solve those challenges and with ServOps, we've provided a better way to for businesses to run."
About Accelo, Inc.
Accelo, the pioneer of Service Operations Automation (ServOps), streamlines operations from prospect through to payment through their integrated, cloud-based platform. Thousands of businesses use Accelo to run their critical client service delivery, boosting revenue and productivity and doubling profit margins. Accelo is headquartered in San Francisco with an office in Wollongong, Australia. For more information, please visit: www.accelo.com.
About Level Equity
Based in New York, NY, Level Equity is a growth equity firm focused on providing growth capital to rapidly growing software and internet companies. Principals at Level Equity have invested in 60 technology businesses over the past 15 years. For more information about Level Equity, visit www.levelequity.com.
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