Lockstep, a connected accounting startup, has announced the closure of a $10m Series A funding round led by the global venture capital firm Point72 Ventures.
Established in 2019, Lockstep now supports a customer-base in excess of 180, processing more than 800,000 monthly invoices with nearly four million entities via its connected accounting cloud.
The funding round will reportedly facilitate the expansion of product development capacities, while accelerating go-to-market initiatives.
Peter Horadan, co-founder and CEO at Lockstep, said: “We founded Lockstep on the belief that accounting deserves better tools to keep their books in sync with trading partners for reliable and predictable cash flow.
“Lockstep eliminates cash traps for receivables and cash leaks for payables by replacing the manual friction between the books of buyers and sellers.”
According to a survey conducted by the firm, 90% of all email addresses used in accounting departments used for trading partner transactions are not equipped with automation that manages and retains data, despite the current digital transformation wave.
Pete Casella, partner at Point72 Ventures, said: “We believe Lockstep can modernize accounting by automating communications and providing online accounts for trading partners, helping companies seamlessly integrate information and eliminate bottlenecks.”