Ventures Roundup: 3 questions with Xendoo’s CEO
South Florida Business Journal / July 5, 2019
Xendoo, a cloud-based accounting platform for small businesses, is in the midst of a funding round expected to close this month. When Roberts spoke to the Business Journal in late June, she’d drummed up $2.1 million toward its $3.5 million target. IfXendoo hits that goal, its total funding would be $4.8 million.
The latest capital injection would allow Xendoo to scale from just 14 employees to 60 within 18 months. That means the company will need a larger space.
Eventually, Xendoo will have a full sales team and other specialists to expand beyond its current reach of customers in 45 U.S. states and eight countries.
We spoke to serial entrepreneur Roberts about Xendoo’s growth and other companies she’s investing in.
Has winning Rise of the Rest and eMerge Americas’ Startup Showcase helped you raise funds?
Absolutely. We have to give props to Rise of the Rest because they didn’t have to come to Florida, and that did so much for us. Winning eMerge last year allowed us to be part of Jason Calacanis’ Launch program, and his syndicate is in on this round.
Have you found it difficult to raise money?
There is a lot of support coming to the South Florida area now. Venture groups and angel investors in places like Atlanta, Virginia and D.C. are seeing success coming out of South Florida, and we’re in talks with a couple of them. EMerge Americas, the Medinas, Rise of the Rest and even Endeavor Miami have brought a lot of attention down here.
What kind of companies are you investing in?
There are so many great products; the problem is finding the right team. I’m in this for the passion of small-business owners who have been underserved by this industry. Being a founder of a business, you have to devote a lot of hours. You have to be willing to work 70 hours a week and like it. Those are the type of founders I invest in.
It’s been nonstop for Lil Roberts since her Fort Lauderdale-based startup won former America Online CEO Steve Case’s Rise of the Rest competition.