InDinero, which provides financial software solutions for small businesses, has secured $7 million in new funding. The investors in this round included Coyote Ridge Ventures, SaaS Capital and Streamlined Ventures.
SAN FRANCISCO, Feb. 18, 2015 /PRNewswire-iReach/ — inDinero today announces its re-launch as the premiere all-in-one accounting and tax service for small business. Backed by $7M in new capital and $10M overall from 50+ different angel investors and small funds, inDinero can now replace all three back office disciplines (accounting, tax and payroll) for one flat fee. Co-founders Jessica Mah and Andy Su remain the only official board members as no board seats or observer rights were given out. Notable investors in this round include Kevin Hartz, Bobby Yazdani, Hank Vigil, Fritz Lanman, Coyote Ridge Ventures, SaaS Capital, Streamlined Ventures, among many others.
inDinero’s re-launch just says “No” to the old SaaS scalability model by providing customers with the brightest minds in accounting to walk them through all of their financial needs. Running at near break-even, inDinero is padding their bank account with the new funds as they plan to double headcount and office locations over the next 18 months. Focusing primarily on customers with 2-100 employees, inDinero is making it easier for small business to grow faster.
“Now we’re a pain killer for any small business that wants to focus on themselves instead of having to build out their own accounting staff,” said Jessica Mah, CEO at inDinero. “The Mint.com for businesses idea was horrible, and now we are doing so much more by actually doing the accounting and taxes. A business no longer needs to hire a bookkeeper and tax person anymore; inDinero just takes care of it all.”
Unconventional and Innovative
With $10M now in total funding, inDinero has been gathering and managing various waves of cash since 2010 and last year even turned away many larger offers from VCs. inDinero’s pioneering concept of “pseudo bootstrapping” allows it to remain independent while prioritizing revenue and profits and to only accept appropriate levels of funding. “We are a 30 year old company in the making,” said Mah.
“There’s no reason for us to take on more capital than necessary and at what cost?” In addition to its funding methodology, inDinero’s innovative SwS approach is making a huge impact on the startup world. Now a growing business can hold off on hiring an in-house controller well into the 100th employee mark. inDinero also makes sure its developers work right along side of its own tax, accounting and payroll experts so that real time best practices reach customers seamlessly.
“As a rapidly growing business, we face a lot of challenges and having inDinero’s support and good humor has been indispensable,” stated Kate Bertash, operations services manager at Move Loot. “Now we enter a new phase of our company after raising our Series A and we are definitely more prepared going into it with inDinero’s help.”
Covet Thy Customer
Back in 2010 it was hot and seemingly lucrative to be every businesses’ sexy little financial dashboard. But at $20 per month, it became clear that doing so little for so many was not going to be a sustainable and growing business model. inDinero customers were even begging for more services stating that if you are already keeping track of my money, you might as well file my taxes and do my payroll while you are at it; oh, and charge me more for it all. However, inDinero could not just become a more user-friendly version of Intuit. Instead, inDinero began hiring the best and brightest minds in the accounting world to help customers in need and take great care of them as if they were their own dedicated accountants. Now inDinero charges customers between a few hundred to several thousands of dollars per month and customers are glad to make the change. Finally, inDinero realized they are the ideal solution for the growing startup company. By clearly identifying their target customer, inDinero is helping growing startups to grow even faster.
“inDinero solved a huge problem for us and saved me hundreds of hours of work and worry,” stated Brian Bosche’, CEO and co-founder at TernPro. “I don’t know what I would have done without inDinero, and I hope more businesses like theirs can make it easier for startups to focus on building products and customers versus worrying about accounting, payroll and taxes.”
inDinero is the leading financial software with services (SwS) solution for small businesses to automate accounting, tax and payroll activities for a flat fee. inDinero has over 80 employees with offices in San Francisco, Portland, and Manila. For more information go to www.inDinero.com or call 855-463-4637.