Back office stack for startups company Every Inc. announced today that it had raised $22.5 million in new funding to add more products to its back office suite.
Founded in 2021 by serial entrepreneur Rajeev Behera, founder and former chief executive of software company Reflektive Inc., Every offers startups an all-in-one finance and human resources suite that combines banking, cards, bill payments, corporate treasury, tax, payroll and benefits.
The idea for the company came from Behera’s time at Reflecktive, in particular, errors he made while setting up the company’s back office. “Founders just want to focus on building,” Behera explained when the company last raised moneyin November. “They don’t have time to learn complex subjects like payroll, taxes and accounting.”
Back-office tasks such as payroll, taxes and accounting are at the core of what Every is offering, providing startup founders with accountants and payroll specialists for expert guidance. Support provided includes filing state taxes, helping founders choose the best healthcare plan and creating a customized treasury management plan to optimize yield while ensuring 100% of funds are insured.
Startup founders “need a partner who takes them through each step and makes sure that their company is set up compliantly, so they can focus their time on finding product market fit and serving customers,” according to Behera and that’s exactly what Every does.
The company is finding success in its offering, growing to over 150 customers, with 78% of customers using Every’s entire back office business suite.
Every plans on using the new funding to add more products to their back office suite, including the first free incorporation solution in the market that is said by the company to enable founders to set up a corporate entity and instantly have their entire back office set up with the click of a button.
Redpoint Ventures LP led the Series A round, with Y Combinator, Okta Ventures, Base10 Partners Management and Formus Capital also participating.
“HR, finance and payroll back office ops can be particularly challenging early on for startups, but these functions are both critical and important to the foundation of any business,” Rexhi Dollaku, general partner at Base10 Partners, commented. “With Every, founders now have a solution that can get them back to focusing on their customers and product, and automate everything else.”