Back Office, an automated small business accounting platform, announced a new $1. 8 million rounds of 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 capital to expand operations, improve 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 a huge untapped talent pool,” Felix says. Felix is a NY native who moved to South Florida five years ago, bringing the hustle and bustle of the Empire State.
Back Office recently graduated from the 500 Startup accelerator in San Francisco as part of Batch 24. Over 1,800 tech start-ups from around the globe applied to the program and Back Office was one of 20 companies that were accepted. The founders of the company, Felix Rodriguez, Glennys Rodriguez and Edwin Mejia, moved to San Francisco for five months to join the program. “We reached over $600k ARR and added hundreds of new customers within 5 months of getting into the 500 accelerator program. Our sales-driven, innovative and growth-oriented proven 3-exit team is poised to become a leader in business accounting & finance,” said Felix, Founder & CEO of Back Office. “We liked Back Office from our first conversation with them, but were quite frankly surprised and thrilled by the upsurge in marketing, sales and customer service that they were able to achieve during our program,” says Mike Sigal, Partner at the 500 Startups Fintech Fund.
Small business owners have to wear a lot of hats notoriously and, unfortunately, staying on top of their accounting, income and expense management is not something they do particularly well. Clean and updated books allow businesses to file taxes, apply for loans, and receive financing from investors. “I’ve never met a business owner who loves to spend time on accounting or accounting,” said Pat Matthews, founder of Active Capital, who led the investment round at Back Office. “But business owners who like to stay in business value the importance of having good books. Back Office helps business owners get their books straight and put them on the auto pilot, giving business owners time back and peace of mind to move forward.”
Back Office customers know they have to do their accounting, but they avoid doing so because it’s intimidating, stressful, and time-consuming. “We automate accounting and allow business owners to see how they do everything on an easy-to-use platform that saves business time and money,” said Glennys, co-founder of Back Office. “It’s been terrific working with Back Office They made it possible for me to save a few hours of time each month that I used to need on weekends to catch up with my accounting. This allowed me to spend that time on sales and growing my business,” says Kyle Bradshaw, Allstate Insurance Franchise Owner & Exclusive Agent. The benefits of using Back Office’s automated accounting platform include:
Help business get paid 2 x faster
Reduce accounting costs by 50% or more
Save business owners 20 hours plus a month.
Stress free & delicious customer experience
About Back Offices
Back Office was launched in January 2018 and helps businesses automate their accounting & finance operations. The company’s AI powered engine can process more than 4 million transactions per day. Back Office currently handles more than $300 million in financial transactions and expects this to be over $1 billion by the end of the year. For more information, please visit https://www Back-office Oh, co
On Active Capital:
Active Capital is a venture company designed to lead seed rounds for B2B SaaS companies. The company is founded by Pat Matthews, co-founder and former CEO of Webmail. We, the B2B SaaS company, ranked #217 on the Inc. 500 fastest growing companies in America sold to Rackspace in 2007. Active Capital is based in San Antonio, Texas and invests in B2B SaaS companies in cities across America. For more information, please visit http://www Activate capital Come on,
About Plug & Play
Plug and Play is a global platform for innovation Headquartered in Silicon Valley, we have expanded worldwide to include a presence in more than 20 locations worldwide, giving startups the resources they need to succeed in Silicon Valley and beyond. With more than 6,000 start-ups and 280 official corporate partners, we have created the ultimate start-up ecosystem, including accelerator programs, corporate innovation services and an in-house VC arm. Since its inception in 2006, our ecosystem companies have raised more than $7 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club, PayPal and many others. Visit https://www for more information. Plug-and-playtech center Come on,
About 500 start-ups
500 Fintech is a Fintech Fund affiliated with 500 start-ups. 500 Startups is a venture capital firm committed to discovering and supporting the world’s most talented entrepreneurs, helping them build successful companies on a scale, and building thriving global ecosystems. 500 is one of the most active seed venture capital firms in the world. Since its inception in Silicon Valley, 500 Startups have invested in more than 2,200 companies through 5 global funds and 14 thematic funds, either dedicated to specific geographic markets or vertical ones. With more than 100 team members in a multitude of locations worldwide, 500 Startups have a global investment portfolio spanning more than 74 countries.
Remarkable 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 Oh, co
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