Total amount raised
$9.9 Millions
Latest funding date
01/01/2021
Location
inDinero has successfully raised funds through multiple rounds, with its latest funding round occurring on January 7, 2021, from MRTNZ Ventures. The company is backed by a total of 31 investors, including Acequia Capital (AceCap).
inDinero offers a comprehensive suite of financial services, including bookkeeping, accounting, CFO advisory, business tax services, and payroll management. Keep reading to explore the intricacies of inDinero's fundraising journey and the investors backing this innovative platform.
What Is inDinero?
Founded in 2009, inDinero is a San Francisco-based company that develops software to help small businesses manage their finances. The company was established by Jessica Mah, Andy Su, and Andrea Barrica.
Operating in the accounting, consumer software, financial services, and fintech industries, inDinero employs between 101 and 250 people. The company offers a range of services including bookkeeping, CFO advisory, business tax services, and payroll management.
How Much Funding Has inDinero Raised?
- Seed Round
- Amount Raised: $17K
- Date: June 2010
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's initial operations and product development.
- Convertible Note
- Amount Raised: Not publicly disclosed
- Date: August 2010
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional working capital for early-stage growth.
- Seed Round
- Amount Raised: $1.2M
- Date: September 2010
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and scale the product offering.
- Series A
- Amount Raised: $1.7M
- Date: November 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and increase market penetration.
- Series B
- Amount Raised: $7M
- Date: February 2015
- Lead Investors: Kevin Hartz, Bobby Yazdani, Hank Vigil, Fritz Lanman, Coyote Ridge Ventures, SaaS Capital, Streamlined Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate efforts in the new business model offering an all-in-one solution for accounting, taxes, and payroll.
- Convertible Note
- Amount Raised: Not publicly disclosed
- Date: October 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and strategic initiatives.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2021
- Lead Investors: MRTNZ Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling the business and enhancing service offerings.
Total Amount Raised: $9.9M
Current Valuation: Not publicly disclosed
Key Investors
- MRTNZ Ventures
- Details: MRTNZ Ventures is a venture capital firm that invests in early-stage technology companies. They focus on providing strategic support and capital to help startups scale.
- Investment Focus Areas: Technology, FinTech, Software
- Notable Investments: Not publicly disclosed
- Acequia Capital (AceCap)
- Details: Acequia Capital (AceCap) is an investment firm that backs early-stage technology companies. They are known for their hands-on approach and extensive network in the tech industry.
- Investment Focus Areas: Technology, Consumer Software, FinTech
- Notable Investments: Not publicly disclosed
- Kevin Hartz
- Details: Kevin Hartz is a prominent investor and entrepreneur, co-founder of Eventbrite. He has a strong background in technology and startups.
- Investment Focus Areas: Technology, Event Management, FinTech
- Notable Investments: Eventbrite, Airbnb, Pinterest
- Bobby Yazdani
- Details: Bobby Yazdani is an angel investor and founder of Signatures Capital. He has invested in numerous successful startups and has a keen interest in technology and innovation.
- Investment Focus Areas: Technology, Healthcare, Education
- Notable Investments: Google, Dropbox, Salesforce
- Hank Vigil
- Details: Hank Vigil is a strategic advisor and investor with a background in corporate strategy and business development. He has worked with several high-profile tech companies.
- Investment Focus Areas: Technology, Media, Consumer Software
- Notable Investments: Not publicly disclosed
What's Next for inDinero?
inDinero's future looks promising as it continues to capitalize on the growing demand for integrated financial services. By transitioning to an all-in-one solution for accounting, taxes, and payroll, the company is well-positioned to attract sophisticated and complex businesses. This shift allows inDinero to charge higher fees, significantly boosting its revenue potential.
With the flexibility to raise additional funds from growth equity firms, inDinero can further scale its operations and enhance its service offerings. However, the company must navigate challenges such as competition from other integrated service providers and maintaining high service quality while expanding. Despite these hurdles, inDinero's close-to-profitable status and recent funding make it an attractive candidate for future investments and potential acquisitions.
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