Charleston-based Ceterus announced the close of a $6 million Series A-1 extension investment led by Grotech Ventures. Participation in the round includes existing investors, TechOperators of Atlanta, GA, The IDEA Fund of Raleigh, NC, and Alerion Ventures of Charleston, SC.
Don Rainey, Grotech General Partner, said “Ceterus is an exciting company with impressive traction in the marketplace. We are enthused to partner with them as they address an immense market with an innovative approach to universal issues for small businesses.”
Pairing next-generation accounting technology with industry expertise, Ceterus provides a complete solution to small business entrepreneurs. “The future of accounting is more than a tool, it is a solution that is automated, timely, mobile, and provides useful analytics for the small business entrepreneur,” Levi Morehouse, Ceterus CEO and Founder said. “This new investment allows for expansion into new small business markets as well as developing additional functionality for our customers.”
Ceterus Edge gives small business owners instant access to their financials, as well as peer-benchmarks, key performance metrics, and daily balances, from any connected device. Edge aggregates data from customers’ point-of-sale, bank, and payroll systems, allowing the automation technology to reduce manual accounting processes.
Said Mohammadioun, TechOperators Managing Partner and Ceterus Board of Directors member, said, “Ceterus is a great young company with the potential to address what small businesses need. Accounting-as-a-service is the most effective way for small businesses to get a professional grade of accounting at a very affordable cost. Ceterus analytics offer insight that currently does not exist.”
To date, Ceterus has raised $10.2 million in venture capital. Ceterus will use this funding to continue growing its team in Charleston, SC, and to expand to new small business markets. The company is actively hiring to grow their downtown Charleston headquarters.