Back Office Raises $1.8M Seed Round
WEST PALM BEACH, FL, Automated bookkeeping platform for small businesses, announced a new $1.8 Million round in seed funding.
Back Office, the automated bookkeeping platform for small businesses, announced a new $1.8 Million round in seed funding. The round was led by Active Capital, followed by other early stage investors including 500 Fintech, PlugNPlay Ventures, and Angels from San Francisco, New York, Florida, and Boston.
Back Office will use the capital to expand operations, enhance their technology, and add complementary products such as credit, bill pay, and other financial tools to help businesses succeed. "South Florida is a great place to build a company with an immense untapped talent pool here," says Felix. Felix is a NY native who moved to South Florida 5 years ago bringing the hustle and grit the Empire State embodies.
Back Office recently graduated from the 500 Startups accelerator in San Francisco as part of Batch 24. Over 1,800 tech startups from around the globe applied to the program and Back Office was 1 of 20 companies that were accepted. The company's founders, Felix Rodriguez, Glennys Rodriguez, and Edwin Mejia, relocated to San Francisco for 5 months to enter the program. "We reached over $600k ARR and added hundreds of new customers within 5 months after getting in the 500 accelerator program. Our sales driven, innovative, and growth focused proven team with 3 exits is poised to become the leader in the accounting & finance space for businesses," stated Felix, Founder & CEO of Back Office. "We liked Back Office from our first conversation with them, but were quite frankly surprised, and thrilled with the ramp up in marketing, sales and customer service performance they were able to achieve during our program," says Mike Sigal, Partner at 500 Startups Fintech Fund.
Small business owners have to notoriously wear many hats and unfortunately, staying on top of their bookkeeping, income and expense management is not something they do particularly well. Having clean and updated books allows businesses to file taxes, apply for loans, and get funding from investors. "I've never met a business owner that loves to spend time on bookkeeping or accounting," said Pat Matthews, founder of Active Capital, who led the investment round in Back Office. "But business owners that like to stay in business value the importance of having good books. Back Office helps business owners get their books straight and puts them on auto pilot, giving business owners time back and peace of mind going forward".
Back Office's customers know they have to do their bookkeeping but they avoid doing it because it is intimidating, stressful, and time consuming. "We automate bookkeeping and allow business owners to see how they are doing all in an easy to use platform which saves businesses time and money," stated Glennys, Co founder of Back Office. "Its has been great working with Back Office. They have enabled me to save several hours of time each month that I used to need weekends to catch up with my bookkeeping. This has allowed me to devote that time to sales and growing my business," says Kyle Bradshaw, Allstate Insurance Franchise Owner & Exclusive Agent. The benefits of using Back Office's automated bookkeeping platform include:
Help businesses get paid 2 x faster
Reduce accounting expenses by 50% or more
Save business owners 20 hours plus per month
Stress free & delightful customer experience
About Back Office
Back Office was launched in Jan 2018 and helps businesses automate their accounting & finance. The company's AI driven engine can process over 4 million transactions per day. Back Office is currently handling over $300 million in financial transactions and expects this number to be at over $1 billion by years end. To learn more, please visit https://www.backoffice.co
About Active Capital:
Active Capital is a venture firm designed to lead seed rounds for B2B SaaS companies. The firm is founded by Pat Matthews, co-founder and former CEO of Webmail.us, a B2B SaaS company that was ranked #217 on the Inc. 500 fastest growing companies in America and sold to Rackspace in 2007. Active Capital is headquartered in San Antonio, Texas and invests in B2B SaaS companies in cities across America. To learn more, please visit http://www.activecapital.com
About Plug and Play
Plug and Play is a global innovation platform. Headquartered in Silicon Valley, we have expanded worldwide to include a presence in over 20 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 6,000 startups and 280 official corporate partners, we have created the ultimate startup ecosystem including accelerator programs, corporate innovation services, and an in-house VC arm. Since inception in 2006, companies in our ecosystem have raised over $7 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club, PayPal and many others. For more information, visit https://www.plugandplaytechcenter.com
About 500 Startups
500 Fintech is the Fintech Fund affiliated with 500 Startups. 500 Startups is a venture capital firm on a mission to discover and back the world's most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. 500 is one of the most active seed stage venture capital firms in the world. Since their inception in Silicon Valley, 500 Startups has invested in over 2,200 companies via 5 global funds and 14 thematic funds dedicated to either specific geographic markets or verticals. With 100+ team members in a multitude of locations worldwide, 500 Startups global portfolio of investments spans over 74 countries.
Notable portfolio companies include: Twilio, SendGrid, Credit Karma, Grab, Carousell, Udemy, Kudo (acquired by Grab), Talkdesk, Makerbot (acquired by SSYS), Wildfire (acquired by GOOG), and Viki (acquired by Rakuten) https://500.co
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