Former Google senior executive Amit Singhal, Sierra Ventures, SVB Financial Group, Liquid 2 Ventures, Firebolt Ventures, Dragon Capital and Twin Ventures also participated in the financing round.
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Zeni, founded by serial entrepreneurs Swapnil Shinde and Snehal Shinde last year, said its bookkeeping, accounting and CFO services are used by over 100 startups across the United States, and that it manages over $ 200 million in funds every month.
The siblings had previously co-founded travel concierge service Mezi, which was acquired by American Express Inc. in 2018 for an estimated $ 125-$ 150 million. The brothers had also co-founded Indian music streaming service Dhingana, which was acquired by Rdio in 2014.
“Startup founders are flying blind daily because they don’t have access to a timely, accurate snapshot of their business finances,” said Swapnil Shinde, also the chief executive of Zeni. “We’re giving founders and startup decision makers real-time visibility, control, and expert support with a finance solution that can finally keep pace with their growing business.”
Zeni provides a blend of artificial intelligence-powered services along with a team of certified finance experts to customers. It also provides a smart dashboard to startup founders to track burn rate, operating expenses, cash/card balance, revenue by product, month-end reports, and more.
The company said it had processed transactions worth $ 300 million in its first year and is on track to process $ 1 billion in transactions over the next 12 months.
Its full suite of services include bill pay and invoicing, expense and receipt management, financial projections and budgeting, payroll administration, real-time reporting, creating monthly financial statements and calculating yearly taxes and R&D credit.
“Bookkeeping automation is a $ 10 billion market opportunity begging for a solution that can optimize human output and meet the needs of growing businesses,” said Ash Lilani, managing partner at Saama Capital. “When Swapnil and Snehal said they wanted to challenge the fragmented, complex bookkeeping solutions on the market today, we knew they were the team to do it.”