This year has experienced tremendous demand for cost effective small business solutions because of the growing ranks of unintentional entrepreneurs. Advancements in open platform technology have also given a slew of start-ups the ability to create alternatives to expensive software. We’re excited to share that the VC community has taken notice, offering backing to a slew of small business solution providers. Outright is such a platform.
Today, we’re pleased to announce $5.5M Series A funding for Outright.com, led by Sequoia Capital with continued participation from Seed round investors First Round Capital, Shasta Ventures and SoftTech VC. The round follows $2 million in seed funding raised earlier this year.
While a rough year economically, such downturns lead to opportunity. In the history of new businesses, there is a correlation between downturns and the creation of influential tech companies. This year is no different because of the growing demand for alternative small business solutions, fueled by the growth of new small businesses.
“Microsoft and Intuit are the only ones to crack the nut with the small and medium businesses,” Sequoia Partner Bryan Schreier told the Wall Street Journal. “About a year ago it occurred to us the market was ripe for this cracking to happen.”
The convergence is clear
Outright.com is the platform upon which millions of self employed business owners establish the foundation of their business. The Outright Platform integrates the services business owners use to run their business, aggregating transactions, automating bookkeeping, and preparing taxes; putting their back office on auto pilot and letting entrepreneurs spend time instead, on the work that they love.
That, combined with the otherwise lack of financial management tools for small businesses (of 29 million small businesses in the US more than 20 million businesses still work with pen and paper or excel), creates an environment in which we can only work as quickly as possible to support the tools entrepreneurs, you, so desperately need. 75% of Outright’s users are small businesses with no employees; self employed professionals and freelancers struggling to make a living and in need of new and better way. We’ll keep at it and appreciate your support. Let us know what more we can do.