CPE News (9/20/2018) – Beanworks Solutions Inc. has raised $10.1 million in Series B funding led by FINTOP Capital with participation of BDC Capital’s Women in Technology Venture Fund, new and existing investors.
In connection with the financing, Michelle Scarborough, Managing Director, Strategic Investments and Women in Technology Venture Fund at BDC Capital, and Joe Maxwell, Managing Partner of FINTOP, have joined Beanwworks’ board of directors.
In June 2017, Beanworks secured $4.5M Series A round led by Vancouver Founder Fund and TIMIA Capital Corporation (TSX-V: TCA).
TIMIA Capital had committed to investing up to $2 million in non-diluted royalty financing. Beanworks recently executed the early exit provisions, repaying $1.33 million to TIMIA for its investment of $1.15 million. Part of the Series B equity funding was likely used to repay TIMIA investment.
photo credit: Beanworks Solutions
Beanworks Champions Gender Diversity As Strategy for Business Growth
Growing accounting automation company exits Series B funding round
VANCOUVER, British Columbia, Sept. 18, 2018 (GLOBE NEWSWIRE) — Beanworks, an accounts payable (AP) automation company is charting a path of leadership in the fintech industry by championing a culture of diversity and inclusion. They are pleased to announce the closing of a $10.1 million Series B funding round.
Beanworks CEO, Catherine Dahl, credits her company’s inclusive culture as a key driving force behind Beanworks’ growth. “We began with two female and two male co-founders in 2012 because we knew strategically companies that focus on gender diversity perform better. 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.”
As evidence for this strategy, the company recently closed a CAD $10.1 million (USD $7.7 M) Series B funding round led by FINTOP Capital, alongside BDC Capital’s Women in Technology Venture Fund which only invests in best-in-class, women-led technology companies. The round was further supported by existing and new private investors.
In line with the company’s focus on gender diversity, Beanworks is also pleased to welcome Michelle Scarborough, Managing Director, Strategic Investments and Women in Technology Venture Fund at BDC Capital, and Joe Maxwell, Managing Partner of FINTOP, to its Board of Directors. Maxwell brings a partnership that will accelerate the company’s momentum and Scarborough brings expertise in scaling global businesses and diversity.
“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.”
The $10.1 million in funding comes a year after Beanworks began a partnership with Sage Software as its exclusive AP automation provider. With AP automation ranked as the top user-requested add-on by Sage’s user base, the launch of Sage AP Automation (a white labelled version of Beanworks) has gained rapid traction amongst Sage users by providing robust accounting workflows, automating data entry and giving newfound visibility into their businesses’ financials.
Mid-market accounting teams choose Beanworks as their essential accounting tool to access the analytics and insights that empower them to make educated, strategic business decisions. Beanworks will use the recent investment to further enhance its platform, release an expense module and expand into new global markets.
Beanworks automates accounting workflow to empower teams to succeed. From purchase to payment, Beanworks integrates with your software to make accounts payable (AP) simple and delightful. Thousands of users manage AP at a fraction of traditional processing costs while remaining focused on financial management and reporting. For more information on how to save time and focus on what matters most to you, please visit: www.beanworks.com.
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About FINTOP Capital
FINTOP Capital, managed by seasoned financial technology operators, invests in B2B service-enabled SaaS and software companies in the fintech space, and brings real world understanding, networks, experience, and capital to grow those companies. Target companies have a proven product in the market, real revenues, and are helmed by veterans of the industries they’re looking to shape. To learn more about FINTOP Capital, visit www.fintopcapital.com.
For more information please contact: Karim Ben-Jaafar, President