Accounting TechnologyFunding Report May 2023
May 2023Published 1 June 2023
Accounting and finance software companies raised US$341m across 14 rounds in May, up 99% on April's US$171m. ERP and general ledger and spend management took the largest shares.
US$340mRaisedin May
14Rounds6 in April
US$135mLargestRestaurant365
US$1.47bn2023 so far
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Raised each month
All rounds by month, US$ millions
Where the money went
By product area, US$ millions
ERP and general ledger$135m
Spend management$100m
Payables and receivables$34.2m
Payroll$20.7m
Close and reconciliation$19m
Tax and compliance$14.1m
FP&A and forecasting$12m
Bookkeeping$4m
Accounting integrations$1.5m
Top investors
May, rounds led or joined
- Y Combinator 2 rounds, 1 led
- Basis Set 1 round, led
- Better Tomorrow Ventures 1 round, led
- Cercano Management 1 round, led
- DN Capital 1 round, led
Every round
Largest first, as announced
Download all All 925 rounds since 2020| Company | Amount | Round | Led by | Product area |
|---|---|---|---|---|
| Restaurant365 | US$135m | Funding round | KKR, L Catterton | ERP and general ledger |
| Zip | US$100m | Series C | Y Combinator | Spend management |
| OpenEnvoy | US$15m | Series A | RRE Ventures | Payables and receivables |
| Aibidia | €13m | Series A | DN Capital, FPV Ventures | Tax and compliance |
| Firmbase | US$12m | Funding round | S Capital | FP&A and forecasting |
| Sprout Solutions | US$10.7m | Series B | Cercano Management | Payroll |
| XFlow | US$10.2m | Pre-Series A | Square Peg | Payables and receivables |
| Gappify | US$10m | Series B | FINTOP Capital | Close and reconciliation |
| Salsa | US$10m | Funding round | Greycroft, Better Tomorrow Ventures, Definition | Payroll |
| Nue.io | US$9m | Seed extension | Payables and receivables | |
| Ledge | US$9m | Seed round | New Enterprise Associates (NEA) | Close and reconciliation |
| Entendre | US$4m | Seed round | Basis Set | Bookkeeping |
| RootFi | US$1.5m | Seed round | Accounting integrations | |
| Spendkey | £358,000 | Pre-seed round | Spend management |
How it’s compiled
- Every funding round announced
- Software for accountants and CFOs
- Rounds as announced, totals in US$
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