Impact fund SEAF invests in PH accounting services provider CloudCfo

CloudCfo team.

Small Enterprise Assistance Funds (SEAF), a Washington, DC-based global impact investment fund manager, has made its second investment in the Philippines in CloudCfo, a technology-driven provider of outsourced accounting, bookkeeping, and financial services for startups.

SEAF invested in CloudCfo through its SEAF Women’s Opportunity Fund (SWOF). Financial details were not disclosed. SWOF has been investing $2 million per deal in growth-oriented, women-led businesses in Vietnam, Indonesia, and the Philippines.

CloudCfo, established in 2016 by Michael Cardoso Das Neves and Anne Gauthier, now employs 45 people that provide a full range of accounting, bookkeeping, tax compliance, and financial reporting services.

The firm services more than 100 companies across a range of industries, including technology, e-commerce, finance and lending, restaurants, hotels, manufacturing, business services, and retail.

The company’s primary focus is on services startups and SMEs, which account for 99 per cent of total registered businesses in the Philippines, employing over 60 per cent of the working population. All these businesses are required by law to maintain books of accounts and ensure rigorous financial management.

Cardoso, who serves as CEO of CloudCfo, said it uses technology to provide outsourced accounting and finance services.

“Through the integration of cloud accounting software and online solutions with robust financial controls and processes, we are providing a service for clients that does not currently exist in the Philippines. This is Accounting 2.0,” Cardoso said in a statement.

He said CloudCfo will use the fresh funding from SEA to further invest in technology, develop its in-house expertise and people, and expand its services within the market.

SEAF Senior Managing Director Jennifer Buckley said CloudCfo provides “critical services” that will help in the development of the startup and entrepreneurial ecosystem in the Philippines.

“We are impressed by the strong expansion of its customer base, particularly among women entrepreneurs, while exhibiting solid retention metrics,” Buckley added.

CloudCfo is SEAF’s second investment in the Philippines. Last March, the US impact fund invested an undisclosed amount in cosmetics firm Ellana Cosmetics. The investment was a mix of structured debt and equity

SEAF is a global impact investment fund manager targeting both financial returns and significant social impact by providing capital, capacity building, and a global network to support SME business expansion.

It has invested in over 400 companies in 29 countries.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.