Docyt Raises $11.5 Million in Series A

by Kay Aloha Villamor in April 7th, 2022

Docyt, a Santa Clara, CA-based accounting automation software platform that transforms bookkeeping for small-and-medium-sized businesses, announced an $11.5 million Series A funding.

The round was led by Lobby Capital, with participation from First Rays Venture Partners and Morado Ventures.

The funding will aid in securing top talent to expand the Docyt team and double down on customer acquisition.

Company: Docyt Inc.

Raised: $11.5M

Round: Series A

Funding Month: April 2022

Lead Investors: Lobby Capital 

Additional Investors: First Rays Venture Partners and Morado Ventures

Company Website: https://docyt.com/

Software Category: Accounting Workflow Automation Solutions

About the Company: Docyt, pronounced “docket”, is an accounting automation software platform. It’s a single system, which uses machine learning, to automate all financial workflows – both income and expense side – and provides real-time ledger reconciliation and financial statements. For the first time, a real-time P&L and balance sheet are possible through Docyt. Docyt is focused on helping small business owners significantly reduce operating costs and eliminate issues associated with manual and high-risk back-office tasks. In 2021, Docyt grew its revenue by 6X and its customer base by 4X.

Source: https://www.businesswire.com/news/home/20220406005215/en/AI-Powered-Accounting-Automation-Platform-Docyt-Raises-11.5M




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