LEHI, UT (Jan. 19, 2017)—Lehi-based ZipBooks and the Governor’s Office of Economic Development (GOED) announced the accounting software startup will receive a $100,000 economic grant as a part of GOED’s Technology Commercialization and Innovation Program (TCIP).
The purpose of the TCIP grant is to help companies secure funding at critical points in their commercialization lifecycle with the aim to spur long-term success and economic development in the state.
Founded in 2015, ZipBooks has raised $2 million in venture capital to build accounting software that goes beyond just credits and debits. The company helps small business owners work smarter with in-app personalized advice and grants cash-strapped owners much needed access to capital. The company is led by founder and CEO Tim Chaves.
“Entrepreneurship has always been important to Utah, and entrepreneurs are seeing that their companies can both start and thrive here,” said Chaves. “Utah leaders promote a business environment that supports innovation, and we’re excited to continue to make ZipBooks a part of Utah’s success story with support from the TCIP.”
Potential grantees are vetted by a local pool of volunteer technology experts. Proposals are evaluated on technical merit, ability to fundraise from private markets, and potential for job creation and economic development in the state. TCIP has been instrumental in the successes of Utah companies such as Myriad Genetics, BioFire and ENVE Composites.
“ZipBooks is a great example of a growing business we want to support,” said Clark Cahoon, TCIP fund manager. “ZipBooks has raised equity funding from the private sector and is creating high-wage employment. We’re pleased to contribute to their long-term growth.”