Exciting news: we have raised $10 million in our Series A funding round, led by Point72 Ventures with participation from Clocktower Ventures and Revel Partners. This brings our total funding to $14 million since we started building Lockstep in 2019. This is a big milestone for you our customers, partners, and employees, so I wanted to take this moment to share my thoughts on Lockstep now, and our plans for the future. Read the full press release here.
In many ways, AR and AP have been overlooked by the software revolution of the last 20 years, and we founded Lockstep to fix it. Even now in 2021, Accounts Receivable (AR) and Accounts Payable (AP) are too often stuck with outdated software and burdensome manual processes – trying to manage the cash of the company on a software stack that consists of email, PDFs, shared spreadsheets, phone calls, and manual hand-entry. Our mission is to connect the world’s accounting teams to help them work better together.
We have been working hard to build product that customers love. Last year, we launched a lot of features and improvements. Lockstep is now used by over 180 companies of all sizes and industries to streamlines collections for over 800 thousand invoices per month to over 4 million entities. You can read their stories here.
The Lockstep team grew too. During 2019, the development team grew by 300%. In 2020, we added new roles in user experience design, customer success, account management, and partner teams. With every new hire, our focus is on better serving customers and creating value for you directly and through partners.
The next chapter
With this great momentum and new funding, we are excited enter the next phase of our mission.
More and more, accounting teams tell us they feel the automation gap. One team told us they are the human glue that keeps their books in sync with the books of their trading partners. We think there is a better way. The Series A funding will enable us to continue improving on the work we have done and will help us achieve the next few goals for you:
1. Drive digital transformation
Lockstep Collect provides the on-ramps to migrate AR work from paper to email and then onto the Web. With new Lockstep Collect capabilities for onboarding, customer self-service, and expansion of payment options, we are providing a path that lets you control your digital transformation journey.
We are not stopping with Accounts Receivable. Email is still the primary way accounting teams work together. Billions of emails are sent and received every day between trading partners. The new Lockstep Inbox is an automation solution that can be used in all facets of accounting including Accounts Payable, general accounting, and more. Lockstep Inbox is email designed for accounting. Register for private beta of Lockstep Inbox here.
We are investing in the APIs, documentation, and development tools to make it easier for the developer community and partners to build Lockstep integrations.
2. Scale our global operations
We are proud to have a great team who live our company values every day. We believe that we are here first and foremost to serve accounting teams around the globe. We love the work we do, and we want to make products that you love. With this funding, we are thrilled to hire even more people to help us build a great product, ensure our customers are supported and successful, and grow our footprint around the world. Check out all our job openings!
3. Accelerate our business growth
Growing the business creates a virtuous cycle of investment in Lockstep. Growth allows us to better serve you. In 2020, we began developing deep channel partner relationships to help reach more companies. With the new funding, we will increase our investments in partners and expand our own customer acquisition efforts.
There are many more teams we would like to introduce to Lockstep. We want every accounting department to be using Lockstep as their primary way of connecting with trading partners and transacting business. It is a long road ahead, but we are excited to dive into this next phase of growth with all of you.