|By Business Wire||
|May 14, 2014 10:10 AM EDT||
BodeTree, an online service that helps small business owners better understand their finances, today announced it has raised $2 million in funding led by Greenline Ventures and other private investors. This is the second funding boost for BodeTree, which was founded in 2011 and launched its software platform in 2012.
There are more than 50,000 small business owners currently using BodeTree’s online tool, which connects with a small business’ day-to-day accounting software to create a comprehensive snapshot of the company’s financials, forecasts, and valuation. BodeTree also helps small businesses set growth goals and strategy, and provides an easy way to apply for and access loans.
The company expects the number of small businesses using the tool to double in the coming months as a result of partnerships with local small business associations in Arizona, Michigan and Ohio.
“Our goal is for BodeTree to become the financial home base for what we call the 'Fortune 5 Million' – those millions of small businesses that keep our economy running every day,” said Chris Meyer. “BodeTree aims to empower small business owners with a big picture understanding of their financials and help them make the right decisions for growth and success.”
Since raising $1.4 million in April 2013, BodeTree has redesigned the user experience of its software tool to make it even more streamlined and intuitive, as well as created a funding center portal that connects small business owners with both traditional and alternative lenders. In addition, the tool now supports multiple accounting platforms, including QuickBooks Online and Xero.
The new capital will support continued improvements to the platform, as well as efforts to grow revenue and increase BodeTree’s user base to more than 200,000 small businesses.
Created by a team of former consultants, portfolio managers, and Fortune 500 executives, BodeTree is an alternative to overcomplicated and overpriced software and services currently available to small business. The company’s online tool helps entrepreneurs focus on doing what they love by making financial management easy.
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