Beanworks, an accounting automation company whose platform connects mid-sized firms from invoice to payment has closed on a $4.5M Series A funding round. The investment was led by Vancouver Founder Fund and TIMIA Capital.
Beanworks’ customizable Fintech platform is designed to empower accounting teams to automate redundant tasks and allowing financial professionals to focus on what matters most.
Catherine Dahl, CEO of Vancouver-based Beanworks, said they were eager to put the funding to use and scale their platform;
“Fundraising is a competitive and aggressive space, especially in a fast-growing tech sector like here in Canada. Despite the competition for capital, we were confident in our product and I think the success of our fundraising round speaks to that.”
This successful round comes after the announcement of a major partnership with Sage Accounting in November 2016.
Sage, a market leader for integrated accounting, payroll and payment systems, now offers Beanworks as their official AP automation provider in North America. Sage customers may now utilized automated and paperless accounts payable powered by Beanworks.
“Beanworks offers a groundbreaking product in an industry typically reliant on paper processing methods,” said Fraser Hall, Partner at Vancouver Founder Fund. “Catherine and the Beanworks team have figured out a way to help solve the problems of accountants in a way that is truly innovative and will help countless professionals save time and money. We’re excited to work with Beanworks moving forward to help scale their company and bring their original solutions to new and expanding markets.”
Alongside the funding announcement, Beanworks revealed the hiring of several new executives. Karim Ben-Jaafar is the new Chief Growth Officer. He joins the team with over 15 years of executive experience in Fintech and has previously grown companies such as Payfirma and Rise. Beanworks also hired; co-founder Reza Sanaie as Chief Innovation Officer, Robert Fink as VP of Engineering, and Jack Hilliard as VP of Finance.