Palo Alto-based back office platform Zeni announced Wednesday that it raised $34 million in a Series B led by Elevation Capital.
The fresh investment stands as a vote of confidence from investors who’ve taken note of the company’s rapid growth rate. Zeni has seen 550 percent revenue growth year-over-year, according to the company.
Zeni’s AI-powered platform takes care of bookkeeping and accounting tasks for more than 100 startup customers and manages more than $500 million in funds each month, according to the company.
“The businesses that signed up for Zeni over the past year are predominantly venture-backed startups who were frustrated with the antiquated, traditional accounting processes,” Swapnil Shinde, co-founder and CEO of Zeni, said in an email to Built In. “The ‘old way’ of doing things is incredibly slow, fragmented, and requires a lot of time and attention from founders.”
Unlike other bookkeeping platforms, Zeni’s platform provides enterprise customers with real-time insight and flux analysis of a company’s financial metrics. Not only that, but the AI-powered Zeni Dashboard includes a universal search feature to look up transactions across a startup’s entire finance stack.
“Our investors are confident in our skillset to make finance management as seamless as possible for our customers, and capitalize on the opportunity to continue innovating an otherwise antiquated industry,” Shinde continued. “There is a huge demand from startups and small businesses to digitize and automate their business finances.”
Zeni will apply the fresh capital toward the expansion of its team across the U.S. and India as the company continues to scale. The company plans to aggressively hire across its product, technology, marketing, sales, and finance departments, according to Shinde.
Zeni has raised $47.5 million in venture capital financing to date, according to Crunchbase.
Additional investors Think Investments and Neeraj Arora participated in the round.
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