Total amount raised
$38 Millions
Latest funding date
10/1/2024
Location
Numeric has successfully raised $38 million over two funding rounds, positioning itself as a key player in the AI accounting software industry. The platform offers advanced solutions to automate accounting workflows and enhance financial data management for businesses.
Keep reading to delve into Numeric's fundraising journey and discover the investors supporting this innovative platform.
What Is Numeric?
Numeric, founded on May 1, 2021, in San Francisco, California, specializes in AI-powered accounting software. The company aims to automate accounting workflows and enhance financial data management for businesses.
Founded by Andrew Bihl, Anthony Alvernaz, and Parker Gilbert, Numeric has quickly established itself as a key player in the industry. The platform offers solutions that streamline reconciliations, organize close processes, and leverage AI for flux analysis and reporting.
With a team of 51-100 employees, Numeric continues to innovate and provide valuable tools for accounting teams, helping them reduce manual tasks and improve the accuracy of financial reporting.
How Much Funding Has Numeric Raised?
- Seed Round
- Amount Raised: $10,000,000
- Date: May 2024
- Lead Investors: Founders Fund, Long Journey Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Kickstart the business, which saw significant acceleration, including a 4x growth in ARR and acquisition of leading private and public companies as customers.
- Series A
- Amount Raised: $28,000,000
- Date: October 2024
- Lead Investors: Menlo Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Accelerate R&D efforts, expand product offerings, and continue growing the team of accountants and engineers.
Total amount raised: $38,000,000. Current valuation: Not publicly disclosed.
Key Investors
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm that invests in various sectors, including consumer, enterprise, and life sciences. The firm focuses on early-stage and growth-stage investments.
- Investment Focus Areas: Consumer, Enterprise, Life Sciences
- Notable Investments: Uber, Roku, Warby Parker
- Founders Fund
- Details: Founders Fund is a venture capital firm that invests in companies across all stages and sectors. The firm is known for its investments in technology and innovation-driven companies.
- Investment Focus Areas: Technology, Innovation-driven companies, Companies across all stages and sectors
- Notable Investments: SpaceX, Airbnb, Stripe
- Long Journey Ventures
- Details: Long Journey Ventures is a venture capital firm that invests in early-stage companies. The firm focuses on supporting innovative startups with the potential for significant growth.
- Investment Focus Areas: Early-stage companies, Innovative startups with significant growth potential
- Notable Investments: Not publicly disclosed
- 8VC
- Details: 8VC is a venture capital firm that invests in transformative technology companies. The firm aims to build and support companies that create long-term value.
- Investment Focus Areas: Technology, Healthcare, Logistics
- Notable Investments: Palantir, Wish, Guardant Health
- IVP (Institutional Venture Partners)
- Details: IVP is a later-stage venture capital and growth equity firm. The firm focuses on investing in rapidly-growing technology and media companies.
- Investment Focus Areas: Technology, Media, Enterprise software
- Notable Investments: Slack, Twitter, Snap
What's Next for Numeric?
Numeric stands at the cusp of a significant opportunity, driven by the increasing demand for AI-powered financial data management. With a recent $28 million Series A funding, the company is poised to accelerate its R&D efforts and expand its team, aiming to revolutionize accounting workflows for businesses.
Future fundraising opportunities seem promising as Numeric continues to grow and innovate. However, challenges such as ensuring the accuracy of AI-driven solutions and competing in a crowded market could pose hurdles. Despite these challenges, the company's commitment to leveraging AI for financial data accuracy positions it well for continued success and potential future acquisitions.
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