We are incredibly excited to announce that Bookipi has closed a $1.6 million seed investment by Australian venture capital firm, Our Innovation Fund (OIF) and investment syndicate TEN13.
Since Bookipi’s launch in July 2018, Bookipi has grown into an exciting community of 800,000 small business owners, freelancers, contractors and sole-traders.
Our founder, Tim Lee said, “Our products are loved by our users and we’ve experienced immense growth in our user base and activity on our platforms in recent years.
“The partnership with TEN13 and OIF adds incredible strategic expertise and value to help us materially scale our team, expand our product and enable our vision to assist more small businesses globally. The funds will be used to further grow our team and development resources and continue to build out our product suite. We couldn’t be more excited about the journey ahead.”
Today, Bookipi has three core products available – our invoice app, Bookipi Invoice, our budgeting app, Bookipi Expense, and our Australian payroll software, PayRoller.
Bookipi Invoice currently generates $12 billion of invoices per year for our customers and continues to be one of the fasting growing and highest-ranked invoicing apps globally.
PayRoller, launched in Australia in June 2019, has seen immense success and is already processing over $4 billion in annualised payroll to the Australian Tax Office.
Jerry Stesel, OIF Co-founder and General Partner, commented on the investment saying, “Freelancers and micro SMEs represent most of the employment market globally. Now more than ever these businesses need the best designed and easiest to use tools to power their daily work.
“In Bookipi, we see just that. The impressive growth achieved all without raising any capital to date, provides strong validation of the market need for these applications.”
Stew Glynn, TEN13 partner commented, “Bookipi is among a rare breed of startups that have bootstrapped their business to a global scale and built a widespread customer base who love their easy-to-use product offering.
“We attribute a lot of this success to Tim’s capability as a founder as well and the hunger from SME’s to have the tools to run their businesses through digitally-enabled processes. We raise funds deal by deal at TEN13, and the demand for this investment amongst our members is a big endorsement for Tim and his vision in creating a globally scalable suite of bookkeeping tools.”
We want to thank our fantastic customers who have helped us grow into the product we are today.
We are super excited to continue to build high-quality products to help you run your business better.