ScaleFactor Raises $60mn in Series C Round
Accounting fintech ScaleFactor has raised a $60mn series C round that now brings the company’s total funding to $100mn in just over 1 year; Coatue Management led the round with participation from existing investors Bessemer Venture Partners, Canaan and Broadhaven Ventures along with new investors Vulcan, Stripes Group and NextPlay Capital; the company helps small businesses of automate back office tasks and payroll, customers pay ScaleFactor a flat fee depending on their needs; the company plans to use the new funds to expand their services to provide advice about insurance and they intend to launch a lending product in Q4 2019; Were are growing quickly. We’re not a unicorn yet but that’s the next step for us,” said ScaleFactor CEO Kurt Rathmann to Forbes. “We’re really excited about the diverse viewpoints now being brought to the company. We’re just getting to the net wave of what ScaleFactor will be.” Source.