Accounting startup DataSnipper has raised $100 million in a Series B funding round that values the company at $1 billion, cementing its position as a leader in applying artificial intelligence to ease the lives of auditors and finance professionals.
The Amsterdam-based company more than doubled its revenue for several years running by targeting the core pain points of accountants. Its platform streamlines tedious and manual workflows by automatically extracting and reconciling data from documents like bank statements and inventory reports directly into Excel.
DataSnipper boasts over 400,000 users across accounting giants Deloitte, KPMG, EY, and PwC. But as it looks to expand globally, its latest cash infusion will support pushing beyond external auditors to opportunities like tax advisors and internal compliance teams at corporations.
The trend driving DataSnipper’s growth is no secret - accountants are burnt out. Faced with increasingly complex regulations and ever-growing mounds of data to reconcile manually, an estimated 80% of auditors leave public accounting within 5 years. By using AI to eliminate hours of repetitive tasks, DataSnipper makes the vital work of verifying financial data delightful again.
“Half the world is creating more data than ever before, half the world needs to verify it – that's the premise of the entire economy,” said CEO Vidya Peters. “DataSnipper lies at the intersection.”
The $100 million Series B round was led by Index Ventures, with partner Hannah Seal joining DataSnipper’s board. This adds to the startup’s $50 million Series A raised just last year from Insight Partners.
“DataSnipper is on a mission to change the culture of audit and unlock auditors and finance professionals to do their best work – applying specialized skills rather than scouring files to verify data,” Peters added.
The investment in DataSnipper comes at a critical juncture for the accounting profession, which is grappling with a shortage of trained professionals and an aging workforce. Tools like DataSnipper not only alleviate the workload on existing staff but also make the profession more appealing to the next generation of auditors by removing the dread associated with menial tasks.
By meeting overworked accounting teams where they already work everyday - in Excel - instead of introducing yet another new platform, DataSnipper achieves rapid adoption and loyalty.
The company’s impressive growth and clear value-add for an essential yet increasingly unbearable profession attracted Index Ventures to lead its latest round.