Artificial intelligence-powered finance concierge Zeni on Thursday said it has raised $34 million in a Series B funding round led by Elevation Capital with participation from new investors Think Investments and Neeraj Arora.
Zeni, in a statement, said it has seen 550% year-on-year (YoY) rise in revenue, driven exclusively by referrals and organic growth. Existing investors Saama Capital, Amit Singhal, Sierra Ventures, Twin Ventures, Dragon Capital and Liquid 2 Ventures also participated in the round, it said.
It manages more than $500 million in funds each month across more than 100 startup customers, ranging from pre-revenue startups to businesses generating more than $100 million in annual revenue. Zeni said it will use the latest capital infusion to bring its intelligent bookkeeping and accounting platform and services to more customers by investing aggressively in its team in the US and India across product, technology, marketing, sales and finance operations.
“Digital transformation is fuelling the growth of businesses like Zeni as the startup and small business sector is feverishly digitizing and automating every part of their business operations,” it said, adding that according to a recent report from McKinsey & Company, based on surveys with more than 900 C-suite executives, workplace conditions over the past year forced businesses to accelerate adoption and deployment of digital solutions across the enterprise, accelerating businesses’ transformation by up to three years.
Startups and small businesses are fundamentally changing how they operate based on digital-first tools and services that are displacing the traditional, slow and human-intensive services across every category, said Swapnil Shinde, co-founder and chief executive of Zeni.
“There is a huge demand from startups to digitize and automate their business finances, leading Zeni to experience 550% revenue growth and 375% customer growth year-over-year. Zeni is tackling the root of startup risk—financial management—by applying artificial intelligence, machine learning, and robotic process automation to create a fast, streamlined, intuitive way for startups to manage their finances,” said Shinde.
Source: Mint