Ex-WhatsApp exec, Elevation join AI bookkeeping startup’s $34m round

Zeni, an AI-powered bookkeeping and accounting startup, announced that it has raised US$34 million in a series B funding round led by Elevation Capital, with participation from new investors Think Investments and former global WhatsApp chief business officer, Neeraj Arora.

Zeni co-founders Snehal Shinde and Swapnil Shinde / Photo credit: Zeni

Existing investors Saama Capital, Sierra Ventures, Twin Ventures, Dragon Capital, Liquid 2 Ventures, and ex-senior Google vice president Amit Singhal also participated in the latest round.

Following the investment, Elevation Capital founder and managing partner Ravi Adusumalli will join the Zeni board.

With the capital infusion, Zeni will bring its services to more customers by investing in its US- and India-based teams, hiring across its product, technology, marketing, sales, and finance operations.

Founded in 2019, Zeni is a bookkeeping and accounting platform that provides real-time insights into a company’s key financial metrics. The Palo Alto-headquartered startup manages funds worth more than US$500 million each month belonging to over 100 clients, according to the company.

According to the bookkeeping firm, there is a strong demand from startups looking to digitalize and automate their finances. As a result, Zeni has seen a 550% growth in revenue and a 375% jump in customers year over year.

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“Zeni is tackling the root of startup risk – that is, financial management by applying artificial intelligence, machine learning, and robotic process automation to create a fast, streamlined, intuitive way for startups to manage their finances,” said Swapnil Shinde, co-founder and CEO of Zeni.