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Accounting platform Synder raises $2M to automate e-commerce bookkeeping

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As Synder’s two co-founders Michael Astreiko and Ilya Kisel wrap up their time at Y Combinator, in addition they introduced their seed spherical of $2 million from TMT Investments.

Although the spherical was acquired earlier than going into the accelerator program, the Belarus-based pair wished to attend to publicly share the milestone. As they focus their sights on their subsequent journey of development and enlargement, the brand new funding will go towards attracting extra shoppers, visibility and gross sales.

The corporate payments itself as a straightforward accounting platform for e-commerce companies. It was initially based as CloudBusiness in 2016 and developed accounting automation and administration of enterprise funds for small and mid-size companies.

Astreiko and Kisel began Synder, in 2018 and a yr later centered on the corporate full-time to develop a straightforward manner for commerce corporations to shift to omnichannel gross sales, one thing Astreiko advised ahosti might be “an enormous ache” as a result of complexity of various cost programs and excessive charges.

“There are loads of options in the marketplace, however you continue to must have particular information to function inside accounting or commerce,” Kisel mentioned. “For us, the simplicity signifies that it’s value it if you happen to can have entry in a number of clicks to consolidated stock, earnings and liabilities. Small companies typically are usually not sharing this data as a consequence of competitors, but when one thing is working and straightforward, they’ll undoubtedly share it.”

Synder does the heavy lifting for corporations by connecting gross sales channels like Amazon, Shopify, eBay and Etsy into one platform that customers can handle with one-click operations. It additionally created a manner to assist the accounting stream in order that all the completely different cost strategies can nonetheless be used, Kisel mentioned.

The corporate is already working with 4,000 shoppers, and can now be fast-tracking their enlargement, however will want the suitable individuals on board to assist the corporate develop, Astreiko mentioned.

Igor Shoifot, a companion at TMT Investments, mentioned he’ll be part of Synder’s board after the corporate graduates from YC. He likes the simplicity of what the corporate is doing.

“Typically the perfect options are economical, succinct and chic — you might be onboarded in 10 minutes,” he added. “There’s actually no person that basically offers an identical answer that was that simple or didn’t require downloading or putting in one thing. I additionally like their give attention to development, the very fact they don’t have any burn and they’re being profitable.”

Synder’s enterprise mannequin is a subscription SaaS mannequin that begins off as a free trial, and customers can buy further providers contained in the platform to suit small and huge corporations.

Its greater than 15 workers are unfold round Europe, and the corporate simply began hiring within the areas of promoting and gross sales within the U.S.

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