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SAN FRANCISCO, May 29, 2019 (GLOBE NEWSWIRE) -- Roger.ai, an accounting automation tool that can cut time businesses spend on day-to-day financial processes by as much as 80%, today announced it has raised a $7.35 million Series A led by QED Investors, with participation from 9Yards Capital, Silicon Valley Bank, Financial Venture Studio, BootstrapLabs, and Dan Wernikoff, former GM of QuickBooks and TurboTax, along with other angel investors. More information can be found at www.roger.ai/us.
Roger works on top of existing accounting software to automate financial processes like bill pay, approvals, receipt scanning, compliance and bookkeeping with simple workflows anyone can set up and manage. Customers range from small to mid-sized businesses from virtually any industry to bookkeeping and major accounting firms.
“This investment will allow us to become the industry leader that helps every business avoid spending time in their accounting software, and enables accountants to spend their time advising and crunching the numbers instead of doing manual work,” said Cathrine Andersen, Roger co-founder and CEO.
“We have built a great foundation, and this investment means we can give every customer a world-class experience even as we are growing very rapidly,” says Christian Rasmussen, co-founder and CTO. “We’re excited to have such a tremendous group of investors and advisors behind us as we grow.”
Matt Risley, partner at QED Investors, said, “Roger is by far the most sophisticated product we’ve seen for SMB Accounts Payable. In a very short period of time, this team has built an international product and global customer base with superior technology compared to legacy fintechs -- we’re excited about what’s to come from this company.”
Since going to market with its accounts payable automation tool for small businesses in early 2018, Roger has quickly grown to thousands of paying customers, including more than 100 accounting partners.
“Most businesses remain poorly served by technology tools,” said Ryan Falvey, Managing Partner at Financial Venture Studio. “Roger’s innovative technology empowers accountants to improve the accounting and payments experience, making payments easier and faster, while protecting against fraud. We’re thrilled to continue to support this incredible business and team.”
Roger was founded by Cathrine Andersen and Christian Rasmussen, a team which previously founded Assemblage in 2011 and sold that business to Cisco Systems in 2014. After 3 years in Cisco’s collaboration business, working on Cisco Spark and Cisco’s next-gen collaboration portfolio, Andersen and Rasmussen began building Roger. The company previously raised a seed round of $2M from investors Financial Venture Studio, BootstrapLabs and multiple angel investors.
About QED Investors
QED Investors is a leading boutique venture capital firm based in Alexandria, VA. They are focused on investing in early stage, disruptive financial services companies in the U.S., U.K. and Latin America. QED is dedicated to building great businesses and uses a unique, hands-on approach that leverages their partners' and principals' decades of entrepreneurial and operational experience, helping their companies achieve breakthrough growth. Notable investments include Credit Karma, ClearScore, SoFi, Avant, Remitly, GreenSky, Red Ventures, and AvidXchange. For more information, visit www.qedinvestors.com.
Shannon Austin/FVS for Roger