Lockstep, a U.S.-based connected accounting cloud, announced on Wednesday it secured $10 million through its Series A funding round, which was led by Point72 Ventures with participation from Clocktower Ventures and Revel Partners. Founded in 2019, Lockstep stated it has helped more than 180 customers process over 800 thousand invoices per month with almost four million entities.
“We believe there is a better way to keep books up to date and cash flowing. At Lockstep, we’re re-imagining how accounting teams work by transforming the current network of emails into a network of trusted connections between accounting systems. Lockstep makes accounting more accurate and timely, improves cash flow, and frees staff to focus on high value activities. We call it connected accounting.”
Speaking about the platform’s products, Peter Horadan, Co-founder and CEO of Lockstep, shared:
“We founded Lockstep on the belief that accounting deserves better tools to keep their books in sync with trading partners for reliable and predictable cash flow. Lockstep eliminates cash traps for receivables and cash leaks for payables by replacing the manual friction between the books of buyers and sellers.”
Lockstep added its seed round closed in May 2019 and was led by SeaChange with participation from the CEO and co-founder of Avalara, Scott McFarlane, Avalara co-founder Jared Vogt, Amazon Consumer CEO Jeff Wilke, managing director and co-founder of Pioneer Square Labs Geoff Entress, and former Microsoft leaders Ben Slivka, Lisa Slivka, and Charles Fitzgerald.