Total amount raised
$97.5 Millions
Latest funding date
Location
Digits has successfully raised significant funding through multiple rounds, with its latest being a Series C round closed on March 24, 2022. The company is backed by 47 investors, including notable names like Benchmark and Google Ventures.
Digits offers an end-to-end accounting platform powered by AI, featuring tools such as AI bookkeeping, financial insights, invoicing, and bill pay. Keep reading to explore the intricacies of Digits' fundraising journey and the investors backing this innovative platform.
What Is Digits?
Digits, founded in 2018 by Jeff Seibert and Wayne Chang, is a fintech company based in San Francisco, California. The company operates within several industries, including AI, Business Intelligence, Finance, Financial Services, FinTech, InsurTech, and Software.
With an employee count ranging from 51 to 100, Digits offers an automated accounting platform that simplifies financial operations for startups and small businesses. The platform features AI Bookkeeping, AI Financials, AI Invoicing, and AI Bill Pay, providing a comprehensive solution for modern financial management.
How Much Funding Has Digits Raised?
- Series A
- Amount Raised: $10.5M
- Date: November 2019
- Lead Investors: Benchmark
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their initial product offerings and establish a foothold in the fintech market.
- Series B
- Amount Raised: $22M
- Date: April 2020
- Lead Investors: Google Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their product suite and enhance their AI capabilities to better serve small businesses.
- Series C
- Amount Raised: $65M
- Date: March 2022
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: $565M
- Motivation Behind the Round: To scale their operations, improve technology, and launch new products like Digits Reports.
Total Amount Raised: $97.5M. Current Valuation: $565M.
Key Investors
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a large investment fund managed by SoftBank Group, known for its significant investments in technology companies. The fund is led by Masayoshi Son, who is renowned for his strategic vision in the tech industry.
- Investment Focus Areas: Technology, AI, robotics, financial sectors.
- Notable Investments: Uber, WeWork, Alibaba, Arm Holdings.
- Google Ventures (GV)
- Details: GV is the venture capital arm of Alphabet Inc., focusing on early-stage technology companies. It was formerly known as Google Ventures and has a diverse portfolio across various innovative sectors.
- Investment Focus Areas: Technology, life sciences, consumer products, enterprise software.
- Notable Investments: Uber, Slack, Nest, Stripe.
- Benchmark
- Details: Benchmark is a venture capital firm known for its early-stage investments in technology companies. The firm has a strong track record of backing successful startups.
- Investment Focus Areas: Early-stage technology companies, software, social media, consumer internet.
- Notable Investments: Twitter, Uber, Snapchat, eBay.
- 20VC Growth
- Details: 20VC Growth is a venture capital firm led by Harry Stebbings, focusing on growth-stage investments. The firm is known for its strategic investments in high-growth technology startups.
- Investment Focus Areas: Growth-stage technology companies, fintech, software.
- Notable Investments: Hopin, Calm, Carta, Airtable.
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a venture capital firm that invests in early-stage companies across various sectors. The firm has a long history of successful investments in technology and healthcare.
- Investment Focus Areas: Technology, healthcare, financial services, consumer products.
- Notable Investments: LinkedIn, Shopify, Pinterest, Twilio.
What's Next for Digits?
Digits stands at the cusp of significant growth, driven by the increasing demand for real-time financial tools among small and medium-sized businesses. With a large total addressable market in spend management and corporate card sectors, the company is poised to expand its user base and product offerings. The integration of Digits' platform with existing accounting and banking systems further enhances its appeal, providing seamless financial management solutions.
Future fundraising opportunities appear promising, given the strong investor interest and the company's recent successful funding rounds. As Digits continues to develop and monetize its products, it is likely to attract additional investment, enabling further technological advancements and market expansion. However, the company may face challenges such as competition from other well-funded fintech firms and the transition from free to paid products.
Industry trends indicate a growing reliance on machine learning and real-time data in financial reporting, which aligns well with Digits' innovative approach. The company's ability to continuously innovate and improve its technology will be crucial in maintaining its competitive edge and achieving long-term success.
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