Vancouver-based Beanworks has raised a $4.5 million Series A. The round was led by the Vancouver Founder Fund and TIMIA Capital.
“Fundraising is a competitive and aggressive space, especially in a fast-growing tech sector like here in Canada,” said Catherine Dahl, CEO of Beanworks. “Despite the competition for capital, we were confident in our product and I think the success of our fundraising round speaks to that. We’re eager to use this funding to scale our operations and continue to dominate the AP automation industry.”
The platform, targeted to mid-sized enterprises, allows accounting teams to automate redundant tasks from purchase order to electronic payment. The company says it can reduce invoice processing costs by 50 percent.
Beanworks also appointed Karim Ben-Jaafar as its new chief growth officer. Ben-Jaafar has over 15 years of executive experience in the FinTech space, and has previously grown companies like Payfirma and Rise. Co-founder and former director of engineering Reza Sanaie is moving to a chief innovation officer role; Robert Fink has moved to VP of engineering, and Jack Hilliard, former director of financial planning at Kit and Ace, has moved in as VP of finance.
“Catherine and her team have done a fantastic job on delivering value to Beanworks’ growing customer base,” said Gregory Smith, CIO of TIMIA Capital. “We are looking forward to supporting them as they scale revenue to the next level and penetrate other markets with their AP Automation solution.”
In November 2016, Beanworks announced a partnership with Sage, which provides bookkeeping services for small businesses. Sage now offers Beanworks as its official AP automation provider in North America.
Photo courtesy Anthony Reinhart
