Lockstep, which makes “connected accounting” software, has received a $2.5 million investment from Amex Ventures, closing out a $13 million Series A funding round. The investment will be used to expand personnel in product, engineering and marketing as Lockstep grows.
The Series A round brings Lockstep’s total funding since inception to $17 million.
Lockstep works by integrating with cloud and on-premise enterprise resource planning and accounting solutions, and provides services to help accounting teams work together. The software is designed to remove the need for email, portals and paper between accounts receivable and accounts payable functions.
Recently, Lockstep was acknowledged by Gartner in the “Market Guide for Integrated Invoice-To-Cash Applications,” and was named a Major Player in the IDC “MarketScape: Worldwide SaaS and Cloud-Enabled Accounts Receivable Automation Applications for Midmarket 2020-2021 Vendor Assessment.” Lockstep also recently won the TITAN Platinum award for Startup IT Company of the Year.
Lockstep’s focus now is to double its headcount by the end of the year. The Seattle-based startup most recently brought on an executive vice president of customer success, an executive vice president of marketing, and a vice president of finance to help reach this goal.
“We’re thrilled that Amex Ventures is joining our mission to transform the way accounting departments work together,” said CEO and co-founder Peter Horadan in a statement. “Our rapid growth demonstrates the desire of accounting departments to have efficient, trusted connections with their trading partners.”
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