ContaAzul, which provides easy-to-use SaaS accounting and invoicing solutions, has raised a Series B round of funding. Series A backer Ribbit Capital led the investment round, with participation from Valar Ventures and existing investors Monashees Capital and Napkn Ventures. The amount of the funding was not disclosed.
ContaAzul, the leading provider of easy-to-use SaaS accounting and invoicing solutions to SMBs in Brazil, today announced it has raised a Series B round of financing. Series-A backer Ribbit Capital, a venture capital firm focused on the financial services industry, led the investment round, with participation from Valar Ventures and existing investors Monashees Capital and Napkn Ventures.
“We look forward to working with our world-class investment partners to continue to expand our platform and capitalize on the massive market opportunity in Brazil.”
ContaAzul plans to use the new capital to accelerate the growth of its accounting and invoicing platform, including the development of an ecosystem of partners whose solutions will be integrated into ContaAzul products. The Company will also use the funding to continue to expand its team, with particular focus on the engineering and product groups.
ContaAzul was founded in 2011 by entrepreneurs Vinícius Roveda, João Zaratine and José Carlos Sardagna to help small business owners in Brazil – the world’s fastest-growing small business market – save time to focus their efforts and resources on growing their businesses. ContaAzul’s cloud-based accounting platform enables SMBs to simply and effortlessly track transactions, manage sales and inventory and create reports on financial performance. In addition, ContaAzul’s direct integration with government services and bank portals allows business owners to painlessly create and issue government-standardized invoices.
“In less than two years, ContaAzul has established itself as the leading provider of accounting and invoicing solutions for Brazilian SMBs. By the end of 2013, we will have served over 180,000 small businesses. This new funding will enable us to continue this exponential growth by accelerating new product development and expanding our engineering and product teams,” said Vinícius Roveda, founder and CEO of ContaAzul. “We look forward to working with our world-class investment partners to continue to expand our platform and capitalize on the massive market opportunity in Brazil.”
“ContaAzul has quickly become a trusted partner to thousands of SMBs through its simple and efficient solutions, which are transforming the way small businesses operate in Brazil. Its robust platform provides entrepreneurs with the caliber of time-saving tools and resources typically only available to large organizations,” said Micky Malka, founder and General Partner of Ribbit Capital. “We have great confidence in Vinícius and his talented team and look forward to ContaAzul’s bright future ahead.”
Founded in 2011, ContaAzul offers innovative, easy-to-use SaaS accounting and invoicing solutions for small businesses in Brazil, the world’s fastest-growing small business market. ContaAzul has helped thousands of small business owners save time and focus on growing their business through its cloud-based platform which uniquely addresses the complexities of the Brazilian marketplace. The Company was the first Brazilian startup selected to participate in the Silicon Valley-based 500Startups accelerator program and graduated in 2011. ContaAzul was named The Next Web’s “Best Brazilian Web Application” in 2012 and nominated as the publication’s “Best B2B Startup” in 2013. For more information, please visit www.contaazul.com.
About Ribbit Capital
Ribbit Capital is a venture capital firm that invests globally in unique individuals and brands who are aiming to disrupt financial services. Headquartered in Palo Alto, Ribbit believes the category is profoundly under-innovated and is looking to support entrepreneurs who have already launched the businesses of the future. For more information, please visit http://ribbitcap.com/.
About Valar Ventures
Valar Ventures is an internationally-focused venture capital firm backed by Peter Thiel. With offices in New York and San Francisco, Valar invests exclusively in companies outside of the United States. Valar believes that over the next decade an increasing number of transformative technology companies will be started outside of the US, and that the founders of those companies will benefit from having a US partner that understands their unique challenges and opportunities and can help them access US networks.
About Napkn Ventures
Napkn Ventures (napkn.co) is a Brazilian investment company with the strategy of investing in extraordinary teams focused on the transformation of big markets through technology. Its portfolio includes innovative companies such as ContaAzul, Dabee, 2Mundos and Everwrite.
About Monashees Capital
Founded in 2005, Monashees Capital is a venture capital company that invests in the best entrepreneurs in Internet and Education. With a portfolio that includes Peixe Urbano, boo-box, Elo7, Mind Lab and Baby.com.br, Monashees is a long-term partner for the creation of highly successful companies.