Accounting and accounts payable management company Beanworks, based in Canada, secured new funding, the company said Tuesday (June 6).
Vancouver Founder Fund and TIMIA Capital led the $4.5 million Series A funding round, Beanworks said.
“Fundraising is a competitive and aggressive space, especially in a fast-growing tech sector like here in Canada,” said Beanworks CEO Catherine Dahl in a statement. “Despite the competition for capital, we were confident in our product, and I think the success of our fundraising round speaks to that. We’re eager to use this funding to scale our operations and continue to dominate the AP automation industry.”
“Beanworks offers a groundbreaking product in an industry typically reliant on paper processing methods,” said Vancouver Founder Fund Partner Fraser Hall in another statement. “Catherine and the Beanworks team have figured out a way to hep solve the problems of accountants in a way that is truly innovative and will help countless professionals save time and money. We’re excited to work with Beanworks moving forward to help scale their company and bring their original solutions to new and expanding markets.”
In addition to the new funding, Beanworks announced the appointment of three executives: cofounder Reza Sanaie as chief innovation officer, Robert fink as VP of engineering and Jack Hillard as VP of finance.
Beanworks’ funding follows the company’s previous announcement of a partnership with payments company Sage. Announced last November, that collaboration aims to boost electronic invoicing and B2B payments. Prior to that, Beanworks announced a partnership with Cambridge Global Payments to strengthen its cross-border B2B payments capabilities, making Beanworks Canada’s only AP automation company that can support global payments, it said.