Pilot Raises $60 Million To Help SMBs Modernize Finances

Pilot, which provides back-office services for startups, has raised $60 million through a new Series C funding round, according to a press release.

The round, headed up by Sequoia Capital, doubled the company’s total funding to $120 million, the release stated.

Pilot will use the money to help boost its back-office services that remove distractions in order to help companies focus more on business, the release stated. Pilot has been working for some time to help small- to medium-sized businesses (SMBs) access the kinds of finance powers available for bigger companies.

According to the release, the Pilot software helps SMBs access strategies to help build and accelerate growth, boost cash flow and have better profitability, through financial planning services akin to those offered by seasoned chief financial officers (CFOs).

It also assists in tracking and controlling spending, with monthly variance analysis that can help SMBs make better decisions on budgeting and spending, the release stated.

And, Pilot helps SMBs get tax credits they might have missed out on, according to the release, including a research and development payroll credit that can go up to $250,000.

“Our first job out of college was owning a business in Boston,” Pilot Co-Founder and CEO Waseem Daher said in the release. “After a long week of sales, customer support and product development, I would be left with a pile of manual, tedious accounting work to do. We founded Pilot to be the solution we wanted for our business.”

“Through our partnership with Sequoia,” he added, “we will be able to make the solution of a better back office a reality for more companies than ever.”

PYMNTS reported that Pilot’s services could especially help millennial business owners, as those types of businesses are the ones often in need. PYMNTS cited stats that 67 percent of millennial businesses run independent companies instead of franchises. Fourteen percent of millennial business owners reported being more likely to have money problems, while 31 percent said owing taxes is a source of anxiety.