Webgility, a provider of e-commerce accounting integration software for small and medium-sized businesses, has raised USD2.5 million in growth funding from SaaS Capital.
Webgility will use the funds to increase headcount, ramp up product development, and expand into new vertical markets.
“This funding from SaaS Capital will be instrumental as we continue to build momentum,” says Parag Mamnani, Founder and CEO of Webgility. “This is our first institutional investment and although we received several outside funding offers, we knew SaaS Capital was the best fit for us at this stage. Working with SaaS Capital we’re able to avoid both the strict requirements of traditional bank financing and the ownership dilution that comes with an equity investor.”
San Francisco-based Webgility, which has bootstrapped since launching in 2007, is focused on making it easy for online sellers to automate their accounting. The product suite intelligently integrates financial data from any cloud application with accounting software, enabling SMBs to save on bookkeeping, simplify compliance, and gain insights on how to optimise operations and grow their business. A certified partner of Intuit® QuickBooks® and Xero, Webgility integrates with more than 40 e-commerce platforms and has a team of e-commerce and accounting experts on staff to serve businesses of all sizes.
“We’re excited to welcome Webgility to our portfolio, the first out of Fund II,” says Rob Belcher, SaaS Capital Managing Director, West Coast. “Webgility is a terrific match for SaaS Capital’s recurring revenue-based line of credit. The company is growing quickly and has a great opportunity in front of it, and while not ruling out the possibility of ever raising equity from VCs – true to their bootstrapped roots – management wanted to remain as equity efficient through this period of high-growth as possible.”