Thai software developer FlowAccount secures $1.15m led by Beacon VC

Image from FlowAccount's event.

FlowAccount, a cloud-based accounting software developer, has secured a $1.15-million pre-series A round led by Kasikorn Bank’s Beacon Venture Capital.

Other investors in this round include Japan’s SBI investment, Singapore-based Golden Gate Ventures, and 500 TukTuks fund.

Kridsada Chutinaton, co-founder of FlowAccount, said, in an event today, that it would use the latest proceeds to expand the teams and develop other online accounting products to facilitate the back-office tasks for startups and small-and medium-sized entrepreneurs in the digital era.

He said, over 10,000 companies are its active subscribers and around 100,000 tax invoices, with transaction worth more than 2 billion baht ($60 million), are issued each month via FlowAccount.

Thanapong Na Ranong, Managing Director of Beacon Venture Capital, said that FlowAccount is the first Thai startup that it has invested in since its 1-billion-baht fund was launched in June.

“We decided to invest in FlowAccount not only because it has a good team and great performance, but also because its expertise in accounting management will help increase the efficiency of a plenty of SMEs, who are Kasikorn Bank’s customers,” he said.

FlowAccount has developed user-friendly automated accounting software, enabling operators to send out billings within two minutes. Additional functions include inventory management, accrued-expense balance, staff salaries and others that help startups to run their business professionally.

Users can be confident about the security as all information will be kept in the Amazon Cloud, which is internationally-regarded for its security measures. Additionally, users can access the service either on a computer or the mobile apps, available for both iOS and Android.

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