BHub secures $20M to become LatAm companies’ back-office administrator – TechCrunch

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B hub On Tuesday, it announced that it had invested new capital just three months after it was received. $ 4.4 million in pre-seed investment We provide a complete back office SaaS for Latin American small businesses.

Monashees and Valor Capital Group are doubling their investment in the company by leading an internal round of $ 20 million in a Series A fund that includes QED Investors, Picus Capital and Clocktower Technology Ventures.

B hub

BHub mobile dashboard. Image credit: B hub

Founded in June, the Brazilian-based company offers so-called “back office as a service,” including bookkeeping, CFO services, legal affairs and HR services, so entrepreneurs are the core business of Jorge. You can concentrate on Vargas Net. BHub CEO told TechCrunch.

BHub is Neto’s third company and the third company in the financial sector. He was previously the CEO of Zen Finance, which was sold to Rappi in 2020, and Biva, which was sold to Pag Seguro in 2017. During the integration with Rappi, Zen Finance was told by the accounting firm that it had to pay capital gains tax, which resulted in the company having to redo all bookkeeping in 10 days.

“It was like hell, but I’m grateful for the experience because I was passionate about how to avoid the same hurdles in Brazil and Latin America,” Neto added. “We tested the market by asking entrepreneurs to talk about the hurdles to managing their business. About 500 people confirmed their attendance and finally had 300 interviews. I was able to identify the problem and develop a vision for the solution. “

For monthly subscriptions starting at $ 349, company owners integrate BHub with their financial system, all in one financial dashboard, including chat capabilities for requesting reports, resolving queries, and performing other activities. Can be displayed.

Neto explained that in Brazil, hundreds of thousands of companies were closed in 2020. This is partly due to a pandemic and partly due to lower financial literacy. Brazilian law requires a third-party accountant for every business owner. “They don’t have to be that good,” he added, because the market is reserved for them and they are protected by law. If a typical accounting firm doesn’t use much technology, this is BHub’s “magic spot” and services are based on a technology approach with startups in mind.

Series A quickly gained popularity for the company due to a combination of factors such as early adaptability to the product market, steady growth over three months, and high customer referral rates.

The company counts 134 customers and will employ 100 people in the areas of engineering, technology, accounting, legal, human resources development, marketing and customer service.

“Given our growth and plans for the future, we need to strengthen our 51-person team and grow to 2,000 and 2,500 customers by next year,” Neto added. “If you keep pace, I think you can get there.”

BHub secures $20M to become LatAm companies’ back-office administrator – TechCrunch Source link BHub secures $20M to become LatAm companies’ back-office administrator – TechCrunch

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