Teal, a Vancouver, Canada-based startup specializing in accounting infrastructure for vertical SaaS businesses, has raised $8 million in seed funding.
Investors
The round was led by Torch Capital, with participation from Basis Set Ventures, General Advance, Dash Fund, and angel investors including executives from Service Titan, Plaid, Brex, Unit, and Gusto.
Torch Capital is a brand-focused investment firm built to shepherd the next generation of industry-changing mission-driven consumer companies. Founded in 2018 and based in New York, the firm focuses on consumer, healthcare, and technology-related companies across the United States.
About Teal
Founded in 2023 by Ian Crosby and Adam Saint, Teal helps Vertical SaaS and SMB platform companies in their growth and success by enabling them to integrate comprehensive accounting solutions into their platforms. Teal provides APIs and tools for these companies to create their accounting features for small business clients, allowing SMBs to access crucial insights like real-time cash flow and product profitability, file taxes, and receive support from live bookkeepers. It also offers white-label accounting services, including bookkeeping, tax filing, and CFO support.
Funding Details
Company: Teal Platforms, Inc.
Raised: $8.0M
Round: Seed Round
Funding Month: May 2024
Lead Investors: Torch Capital
Additional Investors: Basis Set Ventures, General Advance, Dash Fund, and angel investors including executives from Service Titan, Plaid, Brex, Unit, Gusto
Company Website: https://www.teal.dev/
Software Category: Accounting
Source: https://www.businesswire.com/news/home/20240520567117/en/