Abacus Raises $3.5M to Eliminate Expense Reports
We began work on Abacus out of a shared frustration with expense reports, setting out to replace them with the first realtime employee expense system.
We imagined a service that would make employees happier, while also giving managers more control and better insights.
To help us deliver on this mission, we’re excited to announce we have raised a $3.5M seed investment led by Bessemer Venture Partners and General Catalyst, with participation from Bloodstone, CrunchFund, FundersClub, Google Ventures, Homebrew, Sherpalo, Patrick and John Collison of Stripe, Josh Reeves of ZenPayroll, Jeff Epstein, former CFO of Oracle and DoubleClick, Naval Ravikant of AngelList, Andrew Kortina and Iqram Magdon-Ismail of Venmo, Adam Erlebacher of Simple, Sumon Sadhu of Quid, Nas and Paul Buchheit of Y Combinator.
At Abacus, we started with the employee experience, rethinking how expense reporting would have worked if it had been born mobile. It turned out not to look like a report at all. By reimagining the workflow, we were able to help employees submit faster, and deliver better insights to the company. Managers are now able to recombine expenses in more meaningful ways, giving companies the flexibility to do things like calculate the ROI of a sales team or bill back expenses to a client.
Since launching in January, we’ve had the opportunity to support spectacular teams at Pinterest, Foursquare, Coinbase, Betterment and over 150 other customers. If you’re interested in a test drive for your company, let’s chat!
Our vision for the future is to give businesses realtime control of their cash flow. If you want to help build that future, drop us a line.