Bluesheets, a two-year-old Singaporean startup that uses AI-based software to integrate financial data, has big plans for international expansion.
The startup announced last week that it had raised $4 million in pre-Series A funding to accelerate its growth. The round was led by Insignia Ventures Partners, a Singapore-based venture capital firm whose other investments include Indonesian tech giant GoTo Group, Singapore-based used car unicorn Carro and software company Appier. , which became Taiwan’s first listed unicorn last year. It also included existing investors 1982 Ventures, Antler, Kistefos AS and Plug and Play APAC.
Bluesheets will use much of its newly raised capital to expand into new markets and “double down on international markets where we have a presence,” said co-founder and COO Clare Leighton. Part of the capital will go to hiring, especially engineers, she adds. The company now employs 34 people and plans to hire six more in the short term.
“Demand has only increased since launch as businesses have been pressured to operate as efficiently as possible and rely on their data throughout the pandemic.”
The startup’s clients are in Australia, Malaysia, Singapore, South Africa, UK, US and Vietnam. Among them are Guzman y Gomez, a Mexican restaurant chain with 13 outlets in Singapore, and Osome, a Singaporean accounting firm with operations elsewhere in Asia and Europe. Osome uses Bluesheets services to send and process Accounts Payable and Accounts Receivable data.
The global data integration and integrity software market size was worth nearly $11 billion last year and is on track to reach $29 billion by 2029, Fortune Business Insights Forecast.
“Demand has only increased since launch as businesses have been pressured to operate as efficiently as possible and rely on their data throughout the pandemic,” says Leighton. “Now, recognizing its importance, companies from small and medium-sized enterprises to multinationals are investing more than ever in automation and digital transformation.”
Insignia cites “rapid adoption” of Bluesheets services as the reason for its investment. The company said in a statement that Bluesheets had completed more than 11 million financial data integrations after launching its software-as-a-service product last year.
Data integration services are affordable for large and small businesses alike, Leighton says, without disclosing pricing.
“To process financial data in the back office, companies need to collect, consolidate, and enter data into their systems,” says Leighton. They would need to sort and transfer data, most of it online, for accounting and reporting, she adds.
“Either they do it manually, or they pay a high cost to outsource the offline part, or they try to build and maintain their own integrations,” she says. “Most companies, especially in the small and medium business segment, don’t have the resources or the expertise to do this.”
Prior to launching Bluesheets with Christian Schneider, Leighton worked for Uber in Australia and helped launch Uber Eats locally. Schneider, who is CEO of Bluesheets, previously worked for German venture capital fund and tech incubator Rocket Internet and Foodpanda, the Asian business of European food delivery giant Delivery Hero.