Beanworks raises $10.1 million Series B to automate accounting

beanworks

Vancouver-based Beanworks, which allows accounting teams to automate redundant tasks, has raised a $10.1 million Series B round.

The round was led by FINTOP Capital, with participation from BDC Capital’s Women in Technology Fund. As part of the funding, Michelle Scarborough, managing director of strategic investments and the Women in Technology Fund, and Joe Maxwell, managing partner of FINTOP, will join the board of directors.

In a statement to BetaKit, CEO Catherine Dahl credited the company’s commitment to diversity for its success, with a board featuring equal representation of men and women. The company’s four-person leadership team includes two women—co-founders Tracy Thompson (COO) and Catherine Dahl (CEO)—and two men. As a whole, the company is made up of 17 women and 18 men.

“We began with two female and two male co-founders in 2012 because we knew strategically companies that focus on gender diversity perform better,” said Dahl. “Studies repeatedly show that diversity and inclusion increase workplace satisfaction, productivity, retention, and overall revenue. Our approach includes gender representation, diversified recruitment strategies, and bias-free HR practices. In addition to being a part of our core values, these initiatives give us a strategic advantage over companies that do little more than pay lip service to this vital concept.”

With Beanworks’ solution, accountants can code invoice automatically to focus on more strategic accounting decisions. The company last raised a $4.5 million Series A round in June 2017.

“Beanworks solves the age-old problem of throwing people up against technology roadblocks,” said Maxwell. “People don’t want to manually enter invoice data or be bound to labor-intensive, manual processes when they know there is a better way. We believe the team at Beanworks is positioned to meet a growing demand for scaling companies and I am excited to join the board.”

Photo via Beanworks.

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor. Follow her on Twitter @jessicagalangg or send her pitches to jessica.galang@betakit.com.