Detroit Startup, Autobooks Raises $5.5M in Series A Round
Autobooks is serving a great need in the book keeping and account world that was highly overlooked. There is a space for businesses that are too small for big banks and two complex for simple consumer tools. That’s where Autobooks comes in.
The company has created a set of digital book keeping tools to automatically handle accounts receivable, accounts payable and other items.
“From customer management to sending invoices, Autobooks brings it all under one roof and helps small businesses get paid faster,” Steve Robert, Autobooks CEO told Xconomy.
Autobooks sprung up out of another successful accounting startup, Billhighway. That company serves larger financial institutions and enterprise customers. The founders, grew that startup to process billions of dollars in transactions and a muti-million dollar business. Autobooks was created to solve problems for their smaller customers. It eventually spun out to become it’s own startup.
This week the company reported a $5.5 million dollar series A round led by Draper Triangle. CU Solutions Group, Baird Capital, Detroit Venture Partners and Invest Michigan also participated.
Previous to that the startup won the $100,000 first runner up price in the Accelerate Michigan competition. The largest startup competition in the state.