Home | AOL billionaire Steve Case backed finance startup Xendoo

AOL billionaire Steve Case backed finance startup Xendoo to help make accounting easier. We got an exclusive look at the pitch deck it used to raise millions.

February 24, 2020 / By Martin Coulter

Xendoo, a finance startup trying to make accounting easier for small businesses, raised $3.5 million in a fundraising round backed by AOL founder Steve Case last year.

The company, launched in 2017 by founder Lilian Roberts, hopes to transform the “increasingly archaic” world of accounting. Xendoo offers a software-as-a-subscription accounting service, with customers located around the world. According to January figures from Invoiced, 51% of US businesses have upgraded their accounting systems in the past year to keep pace with changing technology.

The Florida-based business has been backed by AOL billionaire Steve Case’s Revolution VC firm. The backer’s “Rise of the rest” fund targets startups based in the US but outside of the “big three” (Boston, New York and San Francisco).

Speaking to Business Insider, founder Lil Roberts said Case’s backing had been “really valuable”.

“I think Steve recognizes the scale of the problem we’re trying to solve,” she said. “There are around 30 million small businesses in the US and a huge number of them are falling behind just because their systems aren’t up to scratch.”

Roberts said the $3.5 million raised would be put towards scaling up the business, with a view to double headcount from 26 to 50 employees by the end of the year.

Check out the company’s pitch deck below:

© 2019 Xendoo, Inc.

© 2019 Xendoo, Inc.

© 2019 Xendoo, Inc.

© 2019 Xendoo, Inc.

© 2019 Xendoo, Inc.

© 2019 Xendoo, Inc.

© 2019 Xendoo, Inc.

© 2019 Xendoo, Inc.

© 2019 Xendoo, Inc.

© 2019 Xendoo, Inc.

© 2019 Xendoo, Inc.

© 2019 Xendoo, Inc.

© 2019 Xendoo, Inc.

© 2019 Xendoo, Inc.

© 2019 Xendoo, Inc.

“I think Steve recognizes the scale of the problem we’re trying to solve,” she said. “There are around 30 million small businesses in the US and a huge number of them are falling behind just because their systems aren’t up to scratch.”