Zeni Raises $11.5M in Series A Funding from Saama Capital to Put A Real-Time, Digital Bookkeeper Inside Every Startup
Palo Alto-based company, Zeni has launched its AI-powered finance concierge for startups and has raised $11.5 million in Series A funding. The financing was led by Saama Capital with participation from Amit Singhal, Sierra Ventures, SVB Financial Group, Liquid 2 Ventures, Firebolt Ventures, Dragon Capital &Twin Ventures, along with a group of angel investors.
Founded in 2019, Zeni is an AI-Powered Finance team for startups that enables startups to leverage accounting and CFO services with ease. It was founded by twin-brothers SwapnilShinde and SnehalShinde in 2019 after selling their last company, a travel concierge named Mezi.
According to Zeni founders, their bookkeeping, accounting, and CFO services are used by over 100 startups across the United States, and the firm manages over $200 million in funds every month.
“Startup founders are flying blind daily because they don’t have access to a timely, accurate snapshot of their business finances. We’re giving founders and startup decision-makers real-time visibility, control, and expert support with a finance solution that can finally keep pace with their growing business,” says, Swapnil Shinde, CEO, Zeni.
According to the company, in its first year, it handled $300 million in transactions and is now managing $200 million in finances each month. The company expects to process $1 billion in the next 12 months and achieve 300 percent growth in the next year.
Bill pay and invoicing, cost and receipt control, financial projections and budgeting, payroll administration, real-time reporting, creating monthly financial statements, and estimating annual taxes and R&D credit are all part of the company's full suite of services.
The new funding from Saama Capital will be used to hire many roles on board, including product and technology development as well as its finance team.
In an interview, Ash Lilani, managing partner at Saama Capital, said he has followed the Shinde brothers for years and has also invested in Mezi. It was such a fruitful partnership when they sold the business that Lilani told them if they wanted to start anything new, he would help them.
Founded in 2019, Zeni is an AI-Powered Finance team for startups that enables startups to leverage accounting and CFO services with ease. It was founded by twin-brothers SwapnilShinde and SnehalShinde in 2019 after selling their last company, a travel concierge named Mezi.
According to Zeni founders, their bookkeeping, accounting, and CFO services are used by over 100 startups across the United States, and the firm manages over $200 million in funds every month.
“Startup founders are flying blind daily because they don’t have access to a timely, accurate snapshot of their business finances. We’re giving founders and startup decision-makers real-time visibility, control, and expert support with a finance solution that can finally keep pace with their growing business,” says, Swapnil Shinde, CEO, Zeni.
According to the company, in its first year, it handled $300 million in transactions and is now managing $200 million in finances each month. The company expects to process $1 billion in the next 12 months and achieve 300 percent growth in the next year.
Bill pay and invoicing, cost and receipt control, financial projections and budgeting, payroll administration, real-time reporting, creating monthly financial statements, and estimating annual taxes and R&D credit are all part of the company's full suite of services.
The new funding from Saama Capital will be used to hire many roles on board, including product and technology development as well as its finance team.
In an interview, Ash Lilani, managing partner at Saama Capital, said he has followed the Shinde brothers for years and has also invested in Mezi. It was such a fruitful partnership when they sold the business that Lilani told them if they wanted to start anything new, he would help them.
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