Intacct, a leader in cloud financial management and accounting software, today announced it has secured an additional $45 million of financing in a combination of venture funding and a debt package. The new funds will be used to further invest in company growth and expanded product capabilities.
The majority of the new financing was secured through a $30 million venture funding round led by Battery Ventures, a new Intacct investor. Chelsea Stoner, a general partner at Battery Ventures, has also joined the Intacct Board of Directors. The round featured all existing active investors, including Bessemer Venture Partners, Costanoa Venture Capital, Emergence Capital, Sigma Partners, and Split Rock Partners, as well as new investor Morgan Creek Capital Management. The remainder of the funding came in the form of a $15 million debt package from Silicon Valley Bank.
“As the fastest growing mid-market cloud financial software vendor, Intacct has already established itself as a major player in the largest business application software segment,” said Robert Reid, CEO of Intacct. “Our continued success in the industry, along with increased market share, has attracted additional capital for the company. This new round of funding will enable us to further accelerate our growth, drive new product enhancements, and reach into new markets.”
“We already have the backing of several top venture firms and the addition of Battery Ventures and Morgan Creek Capital Management in this round is further proof of our market position and strong execution,” added Reid. “I’m pleased to welcome Chelsea Stoner to our Board of Directors, and look forward to leveraging her experience in helping companies deliver accelerated results while staying committed to customer success.”