Another member of New York’s General Assembly co-working space can brag about being funded.Profitably, a software company that helps small businesses manage finances, just closed a $1.1 million round from a group of investors.
This is the second round of funding, but Profitably founder Adam Neary says he considers it a seed investment. Last year the company raised $300,000.
Profitably will use the money it raised to hire two more employees. It currently has four.
Profitable is targeting small businesses with 5-100 employees. It helps the people in charge of finances manage the company more easily. It takes reams of data that would be stuck in giant Excel files and simplifies it.
Neary says it takes a three day process that’s super painful and makes it a 30 minute process. With the time managers save, they can focus more on strategic decisions for their company.
So far, Neary is happy with the traction his company is gaining. Profitably is only 1 year old and it has 500 customers.