New York-headquartered ERP startup DualEntry has formally launched from stealth with $90 million in Sequence A funding. The spherical was co-led by Lightspeed Venture Partners and Khosla Ventures, with participation from GV (Google Ventures), Contrary, and Vesey Ventures. This brings the corporate’s complete funding to over $100 million in simply 18 months since its founding.
The recent capital will help the expansion of DualEntry’s ERP platform, which has already processed $100 billion price of journal entries by means of AI automation.
The platform claims to have saved companies 1000’s of hours on knowledge migration and onboarding, signing up customers that vary from small firms with $5 million in income to NYSE-listed companies with tons of of hundreds of thousands in annual recurring income.
One among its early clients, fintech agency Slash, runs its complete $100M+ ARR operation with a finance workforce of only one particular person utilizing DualEntry. “We’ve all the time prided ourselves on being lean and, now that we work with DualEntry, our purpose is to be a $1-billion income enterprise – and nonetheless have a finance workforce of only one,” says Victor Cardenas, CEO of Slash.
Trendy ERP for finance groups
Based in 2024 by Benedict Dohmen and Santiago Nestares, DualEntry calls itself the primary ERP platform constructed natively with AI at its core. Santiago Nestares leads DualEntry, which gives a full ERP (Enterprise Useful resource Planning) accounting suite together with normal ledger, accounts receivable, accounts payable, reside financial institution connections, FP&A, audit controls, and extra.
The corporate is concentrating on finance groups within the mid-market section, aiming to automate as much as 90% of handbook accounting duties and free groups to focus extra on technique. It helps multi-entity, multi-currency, and multi-book accounting, designed to scale from mid-market firms as much as IPO stage with out the necessity for exterior IT help or add-ons.
The corporate gives AI (Accounting Intelligence) options that automate varied accounting duties, together with financial institution matching, monetary commentary, intercompany transfers, reconciliations, options, and fraud detection.
With over 13,000 integrations to totally different methods in banking, accounts receivable, accounts payable, buyer relationship administration (CRM), and human assets (HR), companies can set up a centralised supply of data.
The corporate’s NextDay Migration answer permits groups to begin utilizing an entire accounting suite inside 24 hours. It effectively transfers all knowledge, together with line gadgets, subledgers, and attachments, securely.
DualEntry has helped clients transfer from varied platforms, together with older methods like NetSuite, Sage Intacct, SAP, and Microsoft Dynamics, in addition to methods being retired, resembling Microsoft Nice Plains, QuickBooks Desktop, and PeopleSoft. It additionally helps starter methods, resembling QuickBooks and Xero.
“After we constructed our final firm to $100 million of annual income, we outgrew our starter accounting system and wanted a system that matched our scale. The primary try and implement an ERP failed and, as soon as it was lastly up and operating, it was clunky, sluggish, and unimaginable to customize,” mentioned Nestares.
He concluded, “Most of our finance workforce’s time was spent within the outdated ERP, manually getting into knowledge. We constructed DualEntry to get companies of any measurement and complexity reside in 24 hours, migrating their knowledge rapidly with AI-powered mapping, including worth from day one.”
