Pilot.com has successfully raised $58.3 million over three funding rounds, achieving a valuation of over $1 billion. The platform specializes in bookkeeping, tax preparation, and CFO services for high-growth technology startups.
Keep reading to explore the intricacies of Pilot.com's fundraising journey and the investors backing this innovative platform.
What Is Pilot.com?
Pilot.com, founded by Jessica McKellar, Jeff Arnold, and Waseem Daher, specializes in bookkeeping, tax preparation, and CFO services for high-growth technology startups. The company, headquartered in San Francisco and Nashville, aims to alleviate financial management burdens for startup founders.
With a team of over 250 US-based employees, Pilot.com is the largest startup and small business accounting firm in the US. Their services include triple-checked financial statements, federal and state income tax filings, and comprehensive CFO services.
Founded by experienced startup founders, Pilot.com is dedicated to helping other startups focus on their core business activities by handling their financial tasks. The company has received significant investment and maintains a strong reputation in the industry.
How Much Funding Has Pilot.com Raised?
- Seed Round
- Amount Raised: $3,300,000
- Date: February 2017
- Motivation Behind the Round: Typically used for initial product development and market entry.
- Series A
- Amount Raised: $15,000,000
- Date: March 2018
- Lead Investors: Index Ventures
- Motivation Behind the Round: To modernize bookkeeping services by integrating advanced software tools with human expertise.
- Series B
- Amount Raised: $40,000,000
- Date: April 2019
- Lead Investors: Index Ventures, Stripe
- Valuation at Round: $355M
- Motivation Behind the Round: To expand AI-driven bookkeeping services and launch a tax preparation offering.
Total Amount Raised: $58,300,000. Current Valuation: $1 billion.
Key Investors
- Index Ventures
- Details: Index Ventures is a leading venture capital firm that invests in technology-enabled companies. They have a strong track record of supporting innovative startups.
- Investment Focus Areas: Technology, SaaS, FinTech
- Notable Investments: Dropbox, Slack, Robinhood
- Stripe
- Details: Stripe is an online payment processing system founded by Patrick and John Collison. It provides economic infrastructure for the internet.
- Investment Focus Areas: FinTech, eCommerce, SaaS
- Notable Investments: Shopify, Lyft, DoorDash
- Diane Greene
- Details: Diane Greene is the co-founder of VMware and former CEO of Google Cloud. She is a prominent figure in the tech industry.
- Investment Focus Areas: Cloud Computing, Enterprise Software, SaaS
- Notable Investments: VMware, Google Cloud
- Drew Houston
- Details: Drew Houston is the co-founder and CEO of Dropbox, a leading file hosting service. He is known for his contributions to cloud storage solutions.
- Investment Focus Areas: Cloud Storage, Collaboration Tools, SaaS
- Notable Investments: Dropbox
- Frederic Kerrest
- Details: Frederic Kerrest is the co-founder and COO of Okta, an identity and access management company. He has extensive experience in security and identity management.
- Investment Focus Areas: Identity Management, Security, SaaS
- Notable Investments: Okta
What's Next for Pilot.com?
As Pilot.com looks to the future, the opportunities are vast. The U.S. market for bookkeeping and accounting services is valued at $60 billion annually, presenting a significant growth potential. By expanding their services to include tax preparation, Pilot.com aims to streamline the entire back-office process for startups and small businesses, tapping into a high-demand sector.
Given the substantial market size and Pilot.com's growth trajectory, future fundraising opportunities seem promising. The company’s commitment to becoming a large, enduring public entity suggests that additional funding rounds could be on the horizon to support further scaling and innovation.
However, challenges remain. Competition from other tech-enabled bookkeeping services and the need to maintain high service standards while scaling are potential hurdles. Ensuring the reliability of their automated solutions will be crucial as they continue to grow in a rapidly evolving industry.
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