Existing investors Saama Capital, Amit Singhal, Sierra Ventures, Twin Ventures, Dragon Capital, and Liquid 2 Ventures also participated in the round
AI-powered finance concierge Zeni said it has raised $34 million in a Series B funding round led by Elevation Capital with participation from new investors Think Investments and Neeraj Arora. Zeni has seen 550 percent revenue growth year-over-year driven exclusively by referrals and organic growth. Existing investors Saama Capital, Amit Singhal, Sierra Ventures, Twin Ventures, Dragon Capital, and Liquid 2 Ventures also participated in the round.
Today, Zeni manages more than $500 million in funds each month across more than 100 startup customers, ranging from pre-revenue startups to businesses generating more than $100 million in annual revenue. Zeni will use the capital infusion to bring its intelligent bookkeeping and accounting platform and services to more customers. It would invest aggressively in its team in the US and India across product, technology, marketing, sales, and finance operations.
Zeni was founded in 2019 by twin brothers and serial entrepreneurs, Swapnil Shinde and Snehal Shinde, who also founded Mezi, the AI-powered travel assistant acquired by American Express in 2018. The Zeni team is spread across Palo Alto, New York, and Pune.
“Startups and small businesses are fundamentally changing how they operate based on digital-first tools and services that are displacing the traditional, slow and human-intensive services across every category,” said Swapnil Shinde, co-founder, and CEO, Zeni. “There is a huge demand from startups to digitize and automate their business finances, leading Zeni to experience 550 percent revenue growth and 375 percent customer growth year-over-year.”
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