Hubdoc, an app that automates financial document collection and processing, today announced that it has raised $4.85 million.
BDC IT Venture Fund and Round13 Capital led the seed round. Hyde Park Venture Partners and other investors also contributed capital.
The Toronto-born startup says the influx of capital will be used to scale growth in North America, Australia and the United Kingdom, and to accelerate innovation in accounting automation.
“We’re in the early innings of the global shift to cloud accounting,” said Jamie Shulman, Co-CEO of Hubdoc. “Accounting firms and businesses all over the world are transitioning away from paper-based processes and offline applications, and into the cloud.”
Hubdoc’s application leverages cloud computing and machine learning to automatically collect and analyze business documents for financial reporting, reconciliation and audit proofing.
“Hubdoc is a core application in the cloud accounting technology stack, and is driving huge efficiency gains for accounting firms and small businesses around the world,” said Bruce Croxon of Round 13 Capital. “We are excited to invest in real-world, practical applications of machine learning and artificial intelligence.”
Hubdoc was also recognized as the 2016 Xero App Partner of the Year and is one of Intuit’s global strategic partners.
“We believe raising capital is about delivering for our customers, not about money,” added Shulman. “Together with our investors, we’re excited to use this round of funding to take our team and product to the next level.”