Exclusive: Full-stack back-office startup Every.io raises $9.5M
Every.io, which is building a full-stack back-office suite for startups, has raised $9.5 million in seed funding led by Base10, the company tells Axios exclusively.
Why it matters: Managing separate business banking, treasury management, and HR products is a confusing (and costly) endeavor for most startups.
How it works: Every provides an all-in-one platform for corporate money management, including banking, corporate cards, bill payments, corporate treasury, HR, payroll, benefits, accounting and taxes.
- The company also offers specialist services to clients, connecting them with accountants and payroll experts, for example.
- Those specialists support tasks like filing state taxes, choosing health care plans, and creating a treasury management plan.
Of note: Every was founded by serial entrepreneur Rajeev Behera, whose previous startup was HR performance management software provider Reflektive.
- That company raised $100 million and scaled to 250 employees before being acquired by e-learning firm Learning Technologies Group, which merged it with PeopleFluent.
Yes, but: Though Behera says he knew how to build and sell a product, he didn't know how to build a company or what kind of back-office processes were required, which led to costly mistakes along the way.
- "Most founders don't know about payroll. They don't know about accounting, they don't know about taxes, they don't know what they need," Behera says.
- "It ends up resulting in a hodgepodge of random tools and processes, because you cobble together things as you learn what you need."
Between the lines: Because Every offers banking and payments, treasury management and HR processes all in one place, Behera says clients can save about 50% of what they would spend if they used discrete products for each.
- "In aggregate, we're selling so many SKUs to one customer, we can actually just take discounts off each SKU and still have a much higher revenue per customer," he says.
Of note: Other investors in the round include Y Combinator, Formus Capital and Rex Salisbury.