BackOps, a back office as a subscription service platform, announced that it had closed $7 million in Series A funding, raising capital from both existing and new investors. The new funds will allow the company-the fastest-growing managed back office service provider-to continue the rapid expansion of its revolutionary platform, enabling small and medium-sized enterprises (SMEs) to operate their businesses cost-effectively.
Series A funding round is co-led by Sherpa Ventures and e Ventures and includes Google Ventures, with the participation of existing seed investors including CrunchFund and Mark Pincus. This investment brings BackOps’ total funding to almost $9 million.
Tim Whipple joined BackOps as Vice President of Customer Success at the same time as the funding news. Whipple is well known in the technology industry for its role in the growth of the LiveOps community of 20,000+ remote workers across the U. Oh, S It will manage all aspects of BackOps’ distributed workforce and help scale up the workforce to help meet BackOps’ aggressive growth targets.
The BackOps platform combines proprietary automated software and a highly educated home-based workforce to allow companies to focus on running their businesses rather than their accounting, human resources and financial reporting systems. The subscription model frees companies from buying software and hiring employees and allows executives to focus on developing their businesses in a drama-free environment. BackOps, initially serving technology startups, is rapidly expanding into the medical and non-profit sectors.
‘BackOps, our first investment from the Sherpa Ventures Fund, unlocks the same rent vs. Scott and I have seen buy-in economies in our early Uber investments,” said Shervin Pishevar, co-founder of Sherpa Ventures. ‘Kristen, Mark, and their experienced team have developed a powerful software platform that provides SMBs with a world-class back office solution by enabling and empowering highly educated and professional women to deliver their expert services directly to companies that need them the most. We believe BackOps is going to be a defining company in space sharing economy, and we’re excited to help fuel its incredible growth. ”
‘Kristen and the BackOps team have built a company that drives two Internet trends—the disruption of high-friction businesses and the sharing economy,’ said Blake Byers, a Google Ventures partner. ‘It’s a perfect relationship between business owners who can now focus their time and energy on their customers, and home-based professionals who welcome the opportunity to use their skill set. ”
The BackOps business model is based on the premise that educated women should not have to choose between caring for their young children and maintaining their professional identity. BackOps enables a new option through its software platform: professional women can work from home while their children are in school and keep their skills up-to-date. BackOps crowdsources and harnesses this vast pool of educated mothers—known as ‘Riveters’—and matches the needs of its SMB clients with the capabilities of Riveters.
‘We are convinced that BackOps’ extremely forward-looking, low-cost business model will become the standard SMB back office platform, so it was a clear choice to co-lead this round of funding,’ said Mathias Schilling, Managing Partner at e. Ventures, early investor and board member of both Angie’s List and AppFolio.
BackOps integrates proprietary, cloud-based automation software with dashboards that provide customers with real-time information at their fingertips to ensure that all back-office operations run efficiently. The platform completely automates accounting, HR and finance tasks and creates an all-in-one, paperless solution for small to medium-sized enterprises. The service is offered on a subscription basis, with monthly fees based on company size and specific back-office needs. BackOps customers typically live in three to eight business days, making the transition efficient and smooth for SMBs. Both BackOps customers and Riveter employees are located across the country.
‘It’s exciting to be able to meet the back office needs of hard-working entrepreneurs with the skills of highly educated moms, while eliminating the inefficiencies of traditional back office vendors who have incentives to remain inefficient,’ said Kristen Koh Goldstein, co-founder and CEO of BackOps. ‘We are on a major growth path and this investment will enable us to accelerate our growth. ”
BackOps helps small and medium-sized enterprises (SMEs) to eliminate the pain of back-office operations Its integrated, comprehensive solution combines state-of-the-art software with a crowd-sourced legion of highly educated, skilled and qualified stay-at-home moms to offer an affordable, scalable, on-demand solution that saves time and money and improves business efficiency. Designed for business needs without time or budget to deal with multiple platforms or outsource back office operations piecemeal, BackOps offers a subscription model to manage day-to-day accounting, HR, and financial reporting processes, connecting them seamlessly to an automated dashboard. BackOps, headquartered in San Francisco, was co-founded by Kristen Koh Goldstein, former CRO, and Mark H. Goldstein, Chairman of BackOps and 10-time entrepreneur
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