Teal, a NYC-based startup specializing in accounting infrastructure for Vertical SaaS businesses, raised $8M in Seed funding.
The round was led by Torch Capital with participation from Basis Set Ventures, General Advance, Dash Fund, and angel investors including executives at Service Titan, Plaid, Brex, Unit, and Gusto.
The company intends to us the funds to expand operations and its development efforts.
Founded by industry veterans Ian Crosby and Adam Saint, Teal allows Vertical SaaS businesses to launch their accounting platforms in as little as four weeks, including fully functioning app code repositories and native data integrations with external data sources such as Plaid. With it, companies can offer their small business customers insights like real-time cash-flow, detailed profitability analysis and tracking overdue invoices. Additionally, Teal offers accounting services such as bookkeeping, tax filing, and CFO support, allowing Vertical SaaS companies to offer truly hands-off accounting while growing their ACV and retention substantially.
FinSMEs
20/05/2024