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ScaleFactor

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ScaleFactor
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Type of businessPrivate
FoundedJanuary 2014 (2014-01)
Area servedUnited States
Key peopleKurt Rathmann (CEO)
David Loia (CCO)
Gary Forni (COO)
Brian Simmons (Director of Products)
IndustryFinTech
Websitescalefactor.com

ScaleFactor is a private company that creates accounting and finance software for small to medium-sized businesses. The startup company has 51-200 employees and is located in Austin, Texas, USA. Its products include bookkeeping, bill pay, invoicing and tax compliance. The goal of ScaleFactor is to empower business owners to make better strategic and financial decisions.

History[edit | edit source]

ScaleFactor was founded in 2014 as an accounting firm providing accounting and financial services. The business transitioned from an accounting services business to a SaaS company, automating accounting services that were traditionally manual processes for startups and small businesses. In January 2017, ScaleFactor joined Techstars Austin.[1]

Funding[edit | edit source]

In November 2017, ScaleFactor announced $2.5 million in Seed Funding.[2] The following year, in June 2018, ScaleFactor announced raising $10 million in Series A funding.[3] ScaleFactor’s investors include Canaan Partners,[4] Citi Ventures,[5] Broadhaven Ventures, Next Coast Ventures,[6] Flyover Capital,[7] Techstars Venture Capital Fund,[8] Edison Factory,[9] Firebrand Ventures[10] and Matchstick Ventures.[11]

Product[edit | edit source]

ScaleFactor’s main products are bookkeeping, invoicing, bill pay and compliance. ScaleFactor also has a chatbot, Marge, and its own mobile app. ScaleFactor integrates with existing cloud software, such as Quickbooks[12] and Xero,[13] to provide tools for bookkeeping, tax compliance and financial analysis. According to TechCrunch, "With insight of (and control over) payroll management, billpay, cash approvals, cash accounting, and an ability to project forward cash flows (along with invoicing and tax management for part time employees), ScaleFactor will be able to offer lending services to smooth bumps in a company’s progress."[14]

Awards[edit | edit source]

The company has received various culture awards including Austin's Best Places to Work in 2017[15] and 2018,[16] and Austin Inno's Coolest Companies.[17] ScaleFactor was also voted one of the best bookkeepers in Austin by Expertise in 2017 and 2018.[18]

Location[edit | edit source]

ScaleFactor is headquartered at Owen's Garage[19] in Austin, Texas.

References[edit | edit source]

  1. "Introducing Techstars Austin Accelerator Class of 2017 - Techstars". Techstars. 2017-04-20. Retrieved 2018-08-07.
  2. "ScaleFactor Secures $2.5M in Seed Funding to Modernize Accounting for Small Businesses" (Press release). Retrieved 2018-08-07.
  3. "ScaleFactor Lands $10M Series A Funding Round to Power Financial Operations for SMBs" (Press release). Retrieved 2018-08-07.
  4. "Companies - Canaan". Canaan Partners. Retrieved 2018-08-07.
  5. "Citi Ventures". www.citi.com. Retrieved 2018-08-07.
  6. "Portfoli". Next Coast Ventures. Retrieved 2018-08-07.
  7. "Flyover Capital – Investing in Flyover Country". www.flyovercapital.com. Retrieved 2018-08-07.
  8. "Techstars Ventures - Boulder Venture Capital Fund". Techstars. Retrieved 2018-08-07.
  9. "Edison Factory - Home". www.edisonfactory.com. Retrieved 2018-08-07.
  10. "Firebrand Ventures | Portfolio". Firebrand Ventures. Retrieved 2018-08-07.
  11. "Matchstick Ventures". Matchstick Ventures. Retrieved 2018-08-07.
  12. "QuickBooks: Smarter Business Tools for the World's Hardest Workers". quickbooks.intuit.com. Retrieved 2018-08-07.
  13. "Online Accounting Software – Free Trial, Free Support | Xero". Xero Accounting Software. Retrieved 2018-08-07.
  14. "Taking the pain out of accounting and payroll for small businesses, ScaleFactor raises $10 million". TechCrunch. Retrieved 2018-08-07.
  15. "Austin's Best Places to Work for 2017". Austin Business Journal. Retrieved 2018-08-07.
  16. "The results are in: Here are Austin's Best Places to Work for 2018". Austin Business Journal. 2018-05-09. Retrieved 2018-08-07.
  17. Wistrom, Brent (July 26, 2018). "Here Are Austin's 2018 Coolest Companies". www.americaninno.com. Retrieved 2018-08-07.
  18. "19 Best Austin Bookkeepers". Expertise. Retrieved 2018-08-07.
  19. Theis, Michael (February 11, 2015). "BuildASign CEO launches East Austin co-working space". Austin Business Journal. Retrieved 2018-08-07.

External links[edit | edit source]


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