Beanworks Solutions Inc, a Vancouver accounting automation company, has raised $4.5 million in a Series A financing. Vancouver Founder Fund and TIMIA Capital Corp led the round. Founded in 2012, Beanworks has developed a software-as-a-service platform that helps enterprises manage their accounts payable workflows and pay their vendors. Led by CEO Catherine Dahl, the company plans to use the funds raised to scale its operations. PE Hub Canada earlier this week reported on TIMIA’s $2 million revenue financing agreement with Beanworks.
Photo: Catherine Dahl, co-founder and CEO of Beanworks Solutions Inc.
Beanworks CEO Smashes Glass Ceiling to Secure Series A Funding
Trailblazing Female Entrepreneur raises $4.5M
VANCOUVER, June 2, 2017 /CNW/ – Catherine Dahl is the CEO and co-founder of Beanworks, an accounting automation company whose innovative platform connects mid-sized enterprises from invoice to payment. Beanworks is now the beneficiary of $4.5M in Series A funding, led by Vancouver Founder Fund and TIMIA Capital. Revolutionizing the way companies manage their accounts payable workflows and pay their vendors, Beanworks’ customizable FinTech platform empowers accounting teams to succeed by automating redundant tasks and allowing financial professionals to focus on what matters most.
“Fundraising is a competitive and aggressive space, especially in a fast-growing tech sector like here in Canada,” said Catherine Dahl, CEO of Beanworks. “Despite the competition for capital, we were confident in our product and I think the success of our fundraising round speaks to that. We’re eager to use this funding to scale our operations and continue to dominate the AP automation industry.”
This successful fundraising round comes after the announcement of a major partnership with Sage Accounting in November 2016. Sage, a market leader for integrated accounting, payroll and payment systems, now offers Beanworks as their official AP automation provider in North America. Sage customers can now join thousands of other users who have made the jump to automated and paperless accounts payable powered by Beanworks.
Founded in 2012, Beanworks has disrupted the SaaS space with its commitment to making AP simple and delightful.
“Beanworks offers a groundbreaking product in an industry typically reliant on paper processing methods,” said Fraser Hall, Partner at Vancouver Founder Fund. “Catherine and the Beanworks team have figured out a way to help solve the problems of accountants in a way that is truly innovative and will help countless professionals save time and money. We’re excited to work with Beanworks moving forward to help scale their company and bring their original solutions to new and expanding markets.”
“Catherine and her team have done a fantastic job on delivering value to Beanworks’ growing customer base,” said Gregory Smith, CIO of TIMIA Capital. “We are looking forward to supporting them as they scale revenue to the next level and penetrate other markets with their AP Automation solution.”
Due to exponential growth within the company, Beanworks is pleased to announce the appointment of Karim Ben-Jaafar as Chief Growth Officer. He joins the team with over 15 years of executive experience in FinTech and has previously grown companies such as Payfirma and Rise. Ben-Jaafar brings the skills and insight necessary to efficiently scale operations at Beanworks.
Beanworks also announced the appointment of other critical players within the organization, including:
Co-founder Reza Sanaie as Chief Innovation Officer
Robert Fink as VP of Engineering
Jack Hilliard as VP of Finance
Beanworks automates accounting workflow to empower teams to succeed. From purchase order to electronic payment, Beanworks integrates with your software to make AP simple and delightful. Thousands of users manage accounts payable at a fraction of traditional processing costs while remaining focused on financial management and reporting. For more information on how to save time and focus on what matters most to you, please visit: www.beanworks.com.
For further information: Hayley Zimak, (519) 703-6384, Media Relations, email@example.com
Photo courtesy of Beanworks Solutions Inc