Venture Capital: Pilot, An Accounting And Back Office Startup, Raises $100M
Bezos-backed Pilot also earned its horn in this Series C funding round.
Accounting and back-office startup Pilot, which focuses on small businesses, scored an extended $100 million Series C round led by Jeff Bezos’s venture capital firm Bezos Expeditions and hedge fund Whale Rock Capital. The round, which doubled Pilot’s valuation to $1.2 billion, also included participation by Sequoia and Index Ventures. (CNBC)
Pilot lists bookkeeping, CFO, tax, and R&D credit as the services it provides. It designates a specific finance expert for each business and promises to deliver books of account every month on schedule. The service is not wholly automated but is “assisted by powerful software” that eliminates common errors. Pilot tax prepares and files federal, state, and local income taxes, as well as 1099s.
“We’re thrilled to have Bezos Expeditions, the personal investment company of Jeff Bezos, signing on as an investor in Pilot,” said Waseem Daher, CEO and co-founder of Pilot, in an announcement.
“Bezos’s legendary ‘customer obsession’ is a perfect fit for our customer-focused business model, and this partnership will help us double down on that mission,” he added.
Despite the pandemic, Pilot doubled its revenue during that time. Since 2017, the company’s revenue from its subscription-based services has roughly tripled every year.
The company’s mission is to unshackle small firms from “annoying, tedious, scary and important back-office stuff” and let them focus instead on growing their business.
More businesses are realizing the benefits of outsourcing, particularly millennials starting their own ventures.
“They don’t want to have to go down to Main Street with their box of receipts and visit their accountant’s office,” Daher said colorfully to CNBC.
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