ScaleFactor combines innovative digital tools with financial expertise to bring a fresh approach to finance and accounting for small business.
The Texas-based startup has created a finance and accounting platform that utilizes machine learning to create more intelligent budgeting and forecasting information for small business.
The business management software, that automates bookkeeping, is being marketed to the 29 million small businesses in the U.S.
The company plans to use the funds for further product development.
ScaleFactor provides proactive guidance and accounting for small business and is uniquely poised to fundamentally change the way accounting and finance functions are performed in small businesses.
“Our investors understand the importance of automating and streamlining accounting tasks and ScaleFactor’s technology is pivotal in moving the business from the reactive to the proactive space,” Kurt Rathmann, CEO, and Founder of ScaleFactor said in a news release.
ScaleFactor’s intuitive software platform not only empowers better financial decisions by changing the nature of accounting and finance, it also streamlines business operations for human managers and creates a valuable experience for its users.
“ScaleFactor allows Small businesses to move towards proactive bookkeeping by being able to automate and optimize finance and accounting responsibilities. They provide business owners with a central cockpit to monitor performance and unlock critical insights to further accelerate growth,” Derek Keller, principal, Techstars Ventures, said in a news release.”
ScaleFactor previously raised $370,000 in March 2015 and was a participant in Techstars Austin in the Spring of 2017.