Lockstep, which provides a cloud platform that connects accounts payable and receivable workflows to make them more efficient, has raised $10 million in Series A funding. Circumstances around the COVID-19 pandemic have accelerated the final stages of cloud technology adoption, which is becoming ubiquitous in the remote work environment.
Lockstep was founded in 2019, and currently reports serving 180 customers, with more than 40 integrations with enterprise resource planning and accounting software platforms. The new funding is earmarked for expanding product development and accelerating go-to-market initiatives.
“We founded Lockstep on the belief that accounting deserves better tools to keep their books in sync with trading partners for reliable and predictable cash flow,” said Peter Horadan, co-founder and CEO of Lockstep, in a statement. “Lockstep eliminates cash traps for receivables and cash leaks for payables by replacing the manual friction between the books of buyers and sellers.”
As well as accelerating cloud adoption, the pandemic has also increased the importance of budgeting and cash flow optimization tools as businesses struggle to anticipate what comes next. Part of Lockstep’s set of features is the elimination of cash traps and leaks in AP/AR.
“Lockstep surveys show that over 90 percent of the email addresses accounting departments use for transactions with trading partners have no automation to manage and retain data,” said Pete Casella, partner at Point72 Ventures, which is leading the Series A round, in a statement. “We believe Lockstep can modernize accounting by automating communications and providing online accounts for trading partners, helping companies seamlessly integrate information and eliminate bottlenecks.”
Lockstep’s seed round closed in May of 2019 and was led by SeaChange with participation from the CEO and co-founder of Avalara, Scott McFarlane, Avalara co-founder Jared Vogt, Amazon Consumer CEO Jeff Wilke, managing director and co-founder of Pioneer Square Labs Geoff Entress, and former Microsoft leaders Ben Slivka, Lisa Slivka, and Charles Fitzgerald.
For more information on Lockstep, visit
