Accounting TechnologyFunding Report May 2024
May 2024Published 1 June 2024
Accounting and finance software companies raised US$342m across 17 rounds in May, down 60% on April's US$865m. ERP and general ledger and practice management took the largest shares.
US$340mRaisedin May
17Rounds18 in April
US$175mLargestRestaurant365
US$1.93bn2024 so far
Sponsored
Book this space →Funding Report Sponsor
$39 a month, no contract. Your logo, one line and a link on every monthly funding report and Investor Index page.
Raised each month
All rounds by month, US$ millions
Where the money went
By product area, US$ millions
ERP and general ledger$185m
Practice management$35m
Bookkeeping$23.3m
Audit$22m
FP&A and forecasting$21m
Payroll$12.8m
Accounting integrations$10.3m
Close and reconciliation$10m
Treasury$10m
Tax and compliance$6m
Spend management$5.2m
Payables and receivables$1.6m
Top investors
May, rounds led or joined
- Accel 1 round, led
- Ankona Capital 1 round, led
- Atlántico 1 round, led
- BDC Capital 1 round, led
- Better Tomorrow Ventures 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$175m | Funding round | ICONIQ Growth | ERP and general ledger |
| Canopy | US$35m | Funding round | Ten Coves Capital, Ankona Capital | Practice management |
| Supervizor | US$22m | Funding round | Audit | |
| Maxa | C$28.7m | Series A | Framework Venture Partners, BDC Capital | FP&A and forecasting |
| Osome | US$17m | Funding round | Bookkeeping | |
| Traction Ag | US$10m | Series A | Cooperative Ventures | ERP and general ledger |
| Numeric | US$10m | Seed round | Close and reconciliation | |
| Panax | US$10m | Series A | Team8 | Treasury |
| Teal | US$8m | Seed round | Torch Capital | Accounting integrations |
| Native Teams | €6.28m | Pre-Series A | Payroll | |
| Ember | £5m | Funding round | Bookkeeping | |
| Worky | US$6m | Series A | Atlántico | Payroll |
| Kintsugi | US$6m | Series A | Link Ventures | Tax and compliance |
| Swypex | US$4m | Seed round | Accel | Spend management |
| Layer | US$2.3m | Pre-seed round | Better Tomorrow Ventures | Accounting integrations |
| Numra | €1.5m | Funding round | Elkstone | Payables and receivables |
| Outpave | US$1.2m | Seed round | Fritz-Pak Corporation | Spend management |
How it’s compiled
- Every funding round announced
- Software for accountants and CFOs
- Rounds as announced, totals in US$
Get the funding report on the 1st of each month, with the accounting technology briefing for finance professionals.
