Ceterus Raises $10 Million Series B to Provide Entrepreneurs with AI-Driven Financials and Benchmarked Industry Data
CHARLESTON, S. Car., April 16, 2018-- Ceterus, a Charleston-based Software-with-a-Service company today announced the close of $10 million in venture capital for their Series B funding round from a host of prominent investors. Harbert Growth Partners led the round with participation from earlier investors TechOperators, GroTech Ventures, Idea Fund Partners, and Alerion Ventures.
Ceterus delivers a done-for-you accounting and benchmarked reporting solution for entrepreneurs. “The future of accounting will be automated, continual, and will provide entrepreneurs forward-looking insights, not just a record of the past,” says Levi Morehouse, Ceterus Founder and CEO. “Our team is excited to put this capital to work and continue to build this future.”
Wayne Hunter, the Co-Founder and Managing Partner at Harbert will join the Ceterus board of directors. “Ceterus is an early-mover in what is quickly becoming the new era for accounting,” said Hunter. “We are thrilled to partner with Ceterus, a company that is building a solution that prepares small businesses for the future.”
Ceterus will use the new funding to continue development of its automated accounting and benchmarked reporting platform, Ceterus Edge. Enhancements will focus on additional functionality for entrepreneurs who own multiple businesses, as well as support for CPA firms who serve multi-unit entrepreneurs. The funding round brings Ceterus’ total fundraising to $20.2 million dollars raised since 2016.
Ceterus is also hiring software engineers and cutting-edge accountants in Charleston, SC.
Ceterus empowers small business entrepreneurs with done-for-you accounting and benchmarked reporting. Ceterus’ Edge Automation system automates entries into QuickBooks Online and aggregates financial data to provide peer benchmarked reporting. Ceterus pairs technology with people to deliver a one-stop solution for entrepreneurs. Headquartered in Charleston, SC, Ceterus has been named to the Inc. 5000 and South Carolina’s Best Places to Work for the past two years. For more information, visit http://www.ceterus.com.
About Harbert Growth Partners
Harbert Growth Partners (“HGP”) is a leading emerging growth investor focused on promising technology and healthcare companies led by exceptional management teams. The HGP investment team combines substantial investment, advisory and operating experience with capital and network relationships to support entrepreneurs in successfully executing their growth plans. For additional information, visit http://www.harbert.net.
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