Beanworks has raised a Series A round of funding.
The Vancouver startup secured $4.5 million in capital. The round was led by Vancouver Founder Fund and TIMIA Capital.
Beanworks, an accounting automation company, was founded in 2012. It offers a fintech platform that helps accounting teams automate redundant tasks.
“Fundraising is a competitive and aggressive space, especially in a fast-growing tech sector like here in Canada,” said Catherine Dahl, CEO of Beanworks. “Despite the competition for capital, we were confident in our product and I think the success of our fundraising round speaks to that.”
Dahl says the capital will be used to scale operations.
“We’re eager to use this funding to scale our operations and continue to dominate the AP automation industry,” she said.
“Beanworks offers a groundbreaking product in an industry typically reliant on paper processing methods,” said Fraser Hall, Partner at Vancouver Founder Fund. “Catherine and the Beanworks team have figured out a way to help solve the problems of accountants in a way that is truly innovative and will help countless professionals save time and money.”
Beanworks also announced the appointment of Karim Ben-Jaafar as Chief Growth Officer. He has previously grown companies such as Payfirma and Rise. In addition, cofounder Reza Sanaei is taking on the role of chief innovation officer, while Robert Flink joins as vice president of engineering and Jack Hilliard as vice president of finance.