From left: Anita Koimur, Lasse Kalkar and Evan O’Brien. Image: LiveFlow
The company will use the funding to expand its New York-based team and invest in new R&D initiatives.
LiveFlow, an accounting automation platform with some big names behind it, has bagged $13.5m in Series A funding.
The start-up was founded by Irishman Evan O’Brien, a former Web Summit software engineer, and former Revolut employees Anita Koimur and Lasse Kalkar.
Within a year of starting, LiveFlow had raised $3.5m in seed funding in 2021 to build an automated finance platform for companies. Investors included Klarna co-founder Victor Jacobsson, VP of product at Google Bradley Horowitz and former VP of international expansion at Airbnb Oliver Jung.
The company builds tools that help companies streamline their financial management by giving finance teams real-time insight and reports from the significant amounts of data that would otherwise be processed through tools like Excel and Google Sheets.
The latest Series A funding round was led by New York City-based Valar Ventures, a VC firm co-founded by Peter Theil that has fintech companies Wise and N26 in its portfolio.
LifeFlow said the new funding will be used to expand its New York-based team and invest in new R&D initiatives.
Along with the funding, LiveFlow’s CEO Kalkar said the start-up is launching its new platform, LiveFlow Next, which will allow users to build custom client dashboards, intelligent forecasting, industry benchmarking and AI-driven transaction categorisation.
“Over the years, I’ve learned that businesses hire accountants not just to manage their books, but to have peace of mind knowing someone has their back. While technology will drive significant advancements, the human element of accounting is still crucial,” Kalkar said in a blogpost.
“That’s why it’s essential to attract young graduates to the industry again by building software that automates the tedious parts of the job. This way, accountants can focus on providing intelligent financial analysis and advice, rather than just processing transactions.”
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