Seattle-area giants together with Concur, Avalara, and DocuSign modified the best way corporations automate their important enterprise processes.
Lockstep desires to be the following large enterprise software program firm out of Seattle to hitch that group.
The three-year-old startup is seeing demand develop for its software program used to automate the accounting of B2B purchases and funds.
The concept is to make use of automation to assist get rid of the money traps and money leaks that happen by means of the human dealing with of firm books.
“Paper and envelopes have been changed by PDF and electronic mail, however the core actions of buyer onboarding, vendor onboarding, credit score decisioning, invoicing, dispute decision, and reconciliation require menial, handbook, error-prone actions that might be automated,” mentioned Lockstep CEO Peter Horadan.
Lockstep on Thursday launched Lockstep Inbox, a brand new free “shared accounting inbox” that manages accounting emails, cellphone calls, and duties and integrates with legacy accounting software program.
The 120-person startup has greater than 20,000 prospects and its income doubled final yr.
Horadan, beforehand an govt at tax automation firm Avalara, mentioned his startup desires to be the “LinkedIn of accounting,” pointing to how anybody can be part of the “Lockstep Community” free of charge, and that the corporate is utilizing a “product-led development method.”
“Lockstep has been honing in on the truth that accounting has been forgotten and left behind in workflow automation,” he famous. “Gross sales has Salesforce. HR has Gusto. Advertising and marketing has Hubspot. CS has Gainsight. Even IT has Jira. However accounting has Outlook and spreadsheets.”
Horadan mentioned the bigger financial downturn, which is forcing some tech corporations to trim prices and lay off employees, “has accelerated the seek for effectivity” and is a tailwind for Lockstep.
Different co-founders embrace Matthew Shanahan, Invoice Henslee, and Scot Madill, who left in October.
The corporate on Thursday additionally revealed to GeekWire that it acquired a $2.5 million funding from American Categorical final yr. The quantity was beforehand undisclosed. Whole funding so far is $17 million.
Different backers embrace Point72 Ventures, Clocktower Ventures, Revel Companions, SeaChange, Avalara CEO Scott McFarlane, Avalara co-founder Jared Vogt, former Amazon exec Jeff Wilke, Pioneer Sq. Labs Managing Director Geoff Entress, and angel traders Ben Slivka, Lisa Slivka, and Charles Fitzgerald.
Lockstep is ranked No. 127 on the GeekWire 200, our index of prime Pacific Northwest startups.