Funding Accelerates Development of Tabs' Revenue Automation Platform as CFOs Grapple with Fragmented Tools, Talent Gaps, Revenue Inefficiencies Tabs, a leader in revenue automation for B2B businesses, today announced it has raised $25 million in Series A funding led by General Catalyst, with ongoing support from Primary Ventures and Lightspeed. This latest round, raised less than 6 months after Tabs' seed funding, highlights the company's rapid growth and increasing demand from CFOs seeking to streamline their financial operations using AI.
NEW YORK, Oct. 30, 2024 /PRNewswire-PRWeb/ -- Tabs, a leader in revenue automation for B2B businesses, today announced it has raised $25 million in Series A funding led by General Catalyst, with ongoing support from Primary Ventures and Lightspeed. This latest round, raised less than 6 months after Tabs' seed funding, highlights the company's rapid growth and increasing demand from CFOs seeking to streamline their financial operations using AI.
As businesses scale, finance teams are facing unprecedented challenges. Many CFOs are dealing with fragmented technology stacks – juggling multiple tools for workflows like invoicing, revenue recognition, and payment collection – while at the same time confronting a nationwide shortage of skilled accounting professionals. Tabs solves these pain points by offering the first unified platform that automates the entire revenue process for Finance.
"We are thrilled to support the Tabs team as they build a complete revenue automation platform, bringing LLM-powered solutions to the finance org. In the time we've spent with them, we've been extremely impressed with their product velocity. We believe the need for a strategic CFO is becoming more critical and are seeing forward-thinking teams leverage innovative technologies to allow them to automate where possible, so they can focus on the biggest questions facing their business," said Alex Tran, managing director at General Catalyst.
"With the accounting talent shortage adding extra strain on finance departments, CFOs are urgently looking for ways to automate and centralize their revenue processes," said Ali Hussain, CEO and co-founder of Tabs. "Our platform addresses both the tech fragmentation and the resource constraints by empowering finance teams to operate more efficiently."
Expanding to Meet Increasing Customer Demand
The new funding will accelerate Tabs' product development, with a focus on deepening integrations, enhancing analytics, and expanding its go-to-market activities. Additionally, Tabs plans to scale its customer success team to support the influx of CFOs seeking to simplify their revenue operations.
"As an early adopter of Tabs, I have seen the team quickly build out a platform that solves a very real challenge for B2B CFOs," said Evan Pincus, VP Finance at Cortex. "With Tabs we're able to react to market changes quickly and scale without having to add headcount."
About Tabs
Tabs is a revenue automation platform designed to streamline the invoice-to-cash process for B2B businesses. Fast growing B2B businesses like Cortex, Alkira, and Red Antler use Tabs to automate tasks such as billing, payments, and revenue recognition. Tabs helps companies reduce manual work, improve cash flow, and stay compliant with evolving regulations like ASC 606. For more information, visit www.tabsplatform.com.
About General Catalyst
General Catalyst is a global investment and transformation company that partners with the world's most ambitious entrepreneurs to drive resilience and applied AI. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond. With offices in San Francisco, New York City, Boston, Berlin, Bangalore, and London, we have supported the growth of 700+ businesses, including Airbnb, Anduril, Applied Intuition, Commure, Glean, Guild, Gusto, Helsing, Hubspot, Kayak, Livongo, Mistral, Ramp, Samsara, Snap, Stripe, Sword, and Zepto.
Media Contact
Andre Fuochi, Tabs, 1 469-394-7274, [email protected], www.tabsplatform.com
SOURCE Tabs
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