Lehi, UT — ZipBooks is getting traction in the highly competitive landscape of accounting software after securing a $300K micro investment led by Utah-based Peak Ventures and with participation from active angel investors in the region. ZipBooks is a free small business accounting software platform that provides access to working capital in the form of short-term cash advances. They are the newest addition to a growing number of VC-backed FinTech startups.
“I’m proud of what we have been able to accomplish in the last 7 months with only modest investment,” said Tim Chaves, founder and CEO of ZipBooks. “Our weekly growth rate is in the double digits, well above the the 5-7% benchmark Y Combinator sets for its companies.”
This isn’t Chaves’s first time raising money. He was a co-founder of iWrap, an iPhone accessories company backed by Jeff Burningham of Peak Ventures and sold to ZAGG, Inc. in 2012. “Tim was one of the original investments that was in the angel fund. The returns of his business made a lot of difference in building the credibility of that fund,” explained Sam Bernards, a founding principal at Peak Ventures. “Even though he only had a concept, we wanted to back him under the hypothesis that he would make it work.”
Chaves is looking towards the future. “ZipBooks will raise a more substantial seed round in the next few months and we’re ecstatic to have Peak’s backing as we move forward.”
ZipBooks is the first accounting program that lets business owners send and finance an invoice in a single click. ZipBooks provides bookkeeping, invoicing, time tracking, and credit card processing to small business owners without a paid monthly subscription. ZipBooks is on a mission to get business owners needed access to short-term capital and lower the overall cost of running a business. ZipBooks has offices in Lehi, Utah. For more information visit ZipBooks.com. ZipBooks actively posts feature updates on Twitter.
Brad Hanks is in charge of Growth at ZipBooks.