Teal reposted this
It's been an incredible year working again with my close friend Adam Saint to launch our 2nd startup, Teal. Today we're announcing our $8M seed round led by Katie Reiner at Torch Capital, with participation from General Advance, Basis Set and Dash Fund. With a first set of incredible vertical saas customers like Dripos, we've been helping SMB software companies launch their own native accounting suites, fully integrated with the rest of their software. This lets them become the complete business operating system for their customers, without needing to build clunky integrations to external accounting software. We've been surprised by the depth of insights even our early customers have been able to drive by combining this tightly integrated accounting data with the rest of their operational data. One vertical saas in the health care space uses Teal to automatically reconcile insurance claims claimed by doctors against the payments received from those insurance companies, to make sure their doctors are getting paid. All totally reconciled with the rest of the accounting, all the way to tax filing. Another has integrated everything from supplies ordering data, to payroll and payments data, to produce an automated per-product profitability on every product sold. This was the vision that Adam and I had when starting Teal, and it's why we believe accounting belongs embedded inside other platforms. Integrating all the data together that you have for your SMB customers allows you to build a totally next level product experience, and truly become the all-in-one-solution for your customers.
Bench Accounting and Shopify alumni announce $11 million CAD to build “the Stripe for accounting” with Teal. #YVRtech #CDNtech