Co-founders of the accounting platform Synder, Michael Astreiko, and Ilya Kisel announced their seed round of $2 million from TMT Investments. This announcement came at a time when the co-founders are busy wrapping up their time at Y Combinator. The round was acquired before going to the accelerator program. However, the duo wanted to wait to make the milestone public. The new injection will help them look for more clients, visibility, and sales since their plans are to expand and grow the business.
Details about the accounting platform Synder
The company’s USP is being an accounting platform for e-commerce businesses. It will use the investment money to automate e-commerce bookkeeping. It was originally founded as CloudBusiness in 2016. At that time, it developed accounting automation and management of business finances for small and mid-size businesses.
Astreiko and Kisel started Synder, in 2018. A year later focused on the company full-time to develop an easy way for commerce companies to shift to omnichannel sales. This is something that can be “a huge pain” due to the complexity of different payment systems and high fees, according to Asteriko.
To this Kisel added, “There are a lot of solutions on the market, but you still have to have special knowledge to operate within accounting or commerce.” They further added that for them, the simplicity makes it worth it. Especially, if simplicity means having access to consolidated inventory, profits, and liabilities in a few clicks. Small businesses don’t share this information sometimes because of competition. But if something is working and easy, they will definitely share it.
Business model
Accounting platform Synder connects sales channels like Amazon, Shopify, eBay, and Etsy into one platform. It is such a platform that users can manage with one-click operations. It also created a way to help the accounting stream so that all of the different payment methods can still be used.
The company is already working with 4,000 clients. It will now be fast-tracking its expansion. But it will need the right people on board to help the company grow.
Igor Shoifot, a partner at TMT Investments, said he will join Synder’s board after the company graduates from YC. He likes the simplicity of what the company is doing.
He said that often the best solutions are economical, succinct, and elegant. Furthermore, according to him, there is no solution similar to Synders’ in the market that was that easy or didn’t require downloading or installing something. He said that he liked their focus on growth. The fact they have no burn and they are making money.
Synder’s business model is a subscription SaaS model that starts off as a free trial. Users can purchase additional services inside the platform to fit small and large companies.
Its more than 15 employees are spread around Europe. And, the company just started hiring in the areas of marketing and sales in the U.S.