Battery Ventures leads $45m funding round for Intacct


news_stockmarket.lrgFinancial management software provider Intacct has secured a funding package of $45m including a $15m loan from Silicon Valley Bank.

The company has also raised $30m via a funding round led by Battery Ventures with participation from another new investor, Morgan Creek Capital Management, and existing backers Bessemer Venture Partners, Costanoa Venture Capital, Emergence Capital, Sigma Partners and Split Rock Partners.

It said the funds will be invested in company growth and expanded product capabilities.

Battery general partner Chelsea Stoner said, “Battery has a long history of backing innovative SaaS companies, and we were drawn to Intacct because of its brisk growth and strong product focused on the mid-market.

“We are seeing CFOs adopt cloud solutions at an increasing pace, and we believe Intacct and its top-notch management team are well positioned to accelerate growth even further.”

Three months ago Battery led a $17.5m Series C financing round for social media management platform Sprinklr alongside Intel Capital.

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