Total amount raised
$38 Million
Latest funding date
10/1/2024
Location
Numeric has successfully raised $51 million over 4 funding rounds, with the latest being a Series B round. The company is backed by 12 investors, including notable names like Fifth Down Capital and Long Journey Ventures.
Keep reading to explore the intricacies of Numeric's fundraising journey and the investors backing this innovative AI accounting platform.
What Is Numeric?
Numeric is an AI accounting software company based in San Francisco, California. The company specializes in automating accounting workflows and improving financial data management for businesses. With a team of 51-100 employees, Numeric has established itself as a key player in the accounting, analytics, AI, FinTech, and software industries.
Founded to streamline and enhance the efficiency of accounting processes, Numeric offers a comprehensive platform that includes close management, cash management, and an analytics suite. The company has successfully raised funding through Series B and continues to innovate in the field of AI-powered close automation.
How Much Funding Has Numeric Raised?
- Seed Round
- Amount Raised: USD 10,000,000
- Date: May 2024
- Lead Investors: Founders Fund, Long Journey Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and development.
- Series A
- Amount Raised: USD 28,000,000
- Date: October 2024
- Lead Investors: Menlo Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate R&D efforts and transform accounting workflows through AI.
- Series B
- Amount Raised: USD 51,000,000
- Date: November 2025
- Lead Investors: IVP
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue growth and innovation in AI-powered close automation.
Total Amount Raised: USD 89,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- IVP (Institutional Venture Partners)
- Details: IVP is a later-stage venture capital and growth equity firm. They have a strong track record of investing in rapidly growing technology companies.
- Investment Focus Areas: Later-stage venture capital, growth equity.
- Notable Investments: Twitter, Slack, Snap, Dropbox.
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm that invests in early-stage and growth-stage technology companies. They have been instrumental in the growth of several high-profile startups.
- Investment Focus Areas: Early-stage technology, growth-stage technology.
- Notable Investments: Uber, Roku, Warby Parker.
- Founders Fund
- Details: Founders Fund is a venture capital firm known for its investments in transformative technology companies. They invest across various stages, from early to growth stages.
- Investment Focus Areas: Early-stage technology, growth-stage technology, transformative technology.
- Notable Investments: SpaceX, Palantir, Facebook.
- Long Journey Ventures
- Details: Long Journey Ventures focuses on early-stage investments in technology and consumer companies. They aim to support innovative startups in their growth journey.
- Investment Focus Areas: Early-stage technology, consumer companies.
- Notable Investments: Not specified.
- 8VC
- Details: 8VC is a venture capital firm that invests in early-stage and growth-stage technology and healthcare companies. They are known for their strategic investments in innovative sectors.
- Investment Focus Areas: Early-stage technology, growth-stage technology, healthcare.
- Notable Investments: Wish, Blend, Guardant Health.
What's Next for Numeric?
Numeric stands at the cusp of significant growth, driven by a $28 million Series A funding round. This capital injection will fuel R&D efforts, expand the team, and enhance product offerings, positioning Numeric to address the increasing demand for AI-driven financial data management. The company's rapid growth, evidenced by a 4x increase in ARR and the acquisition of high-profile clients like OpenAI and Plaid, underscores the vast opportunities ahead.
Future fundraising appears promising, with strong investor interest suggesting potential for additional rounds to support continued expansion. However, challenges such as ensuring AI accuracy and scaling operations will require careful navigation. As Numeric continues to innovate, it remains well-poised to transform the accounting landscape.
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