Vancouver-based Beanworks, an accounts payable (AP) automation company, has raised $10.1 million in a Series B funding round.
This round of funding was led by FINTOP Capital and supported by BDC Capital, in addition to private investors. The Vancouver-based Beanworks will use the $10.1 million to enhance its AP automation platform, introduce new features and expand into global markets.
“Beanworks solves the age-old problem of throwing people up against technology roadblocks,” says Joe Maxwell, Managing Partner of FINTOP and new member of Beanworks’ Board of Directors. “People don’t want to manually enter invoice data or be bound to labor-intensive, manual processes when they know there is a better way. We believe the team at Beanworks is positioned to meet a growing demand for scaling companies and I am excited to join the Board.”
Apart from its well-regarded automated accounting software, Beanworks’ cultural focus on diversity and inclusion has set it apart from competitors. Beanworks’ CEO, two founders, and 50 per cent of its board are women. This diverse leadership team and inclusive culture were crucial components of this funding round, as BDC’s Women in Technology Venture fund only invests in women-led tech companies.
“We began with two female and two male co-founders in 2012 because we knew strategically companies that focus on gender diversity perform better. Studies repeatedly show that diversity and inclusion increase workplace satisfaction, productivity, retention, and overall revenue,” says Catherine Dahl, Beanworks’ CEO. Dahl points to her company’s gender diversity as a driving force behind their success.
“Our approach includes gender representation, diversified recruitment strategies, and bias-free HR practices. In addition to being a part of our core values, these initiatives give us strategic advantage over companies that do little more than pay lip service to this vital concept,” Dahl explains.
The core values of inclusivity and diversity will remain central to Beanworks’ strategy as the company works to expand its operations across the globe.