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January 29, 2014 | Updates | Posted by Craig Baldwin Craig Baldwin

Sqrl Raises Seed Round

Today is a big day for us as we announce our $550K seed raise, led by Cincinnati-based fund CincyTech, Chicago-based Hyde Park Ventures, and other strategic investors.

 

Shortly after the completion of the Brandery program, we knew raising venture funding was in our future. We’re very thankful for the investors who chose to believe in our mission, and excited about what this means for Sqrl and our future.

 

Check out more details below!

 

Sqrl, whose web application is designed to structure and simplify communication, has raised a seed investment round of $550,000.  The investment is led by CincyTech and includes Hyde Park Venture Partners and Vine Street Ventures.

 

Accountants and other professional knowledge workers spend as much as 25% of their time manually creating, tracking, following up on and processing requests for essential client information. Sqrl (pronounced “squirrel”– think of it as a digital hunter gatherer) solves the problem of lost time and profitability with a request engine that automates and manages routine communication and requests. It effectively eliminates the need to ever follow up.

 

“Sqrl is addressing a fundamental problem we all encounter every day, capturing and filing documents,” said CincyTech principal Justin Thompson. “The founders happen to be from the accounting field, which might have more of a problem than most professions. We believe the team has created an eloquent solution to the problem and are well capitalized to test their solution in the marketplace.”

 

Sqrl was conceived as an internal solution for founders Ryan Watson, Ryan Baker and Craig Baldwin, and their online accounting firm, Upsourced Accounting. When other accounting firms expressed interest, they took the idea through the Brandery startup accelerator in Cincinnati, OH.

 

Said Sqrl co-founder and CEO Ryan Watson, “Performing the accounting work was fine, there are some great tools to handle that piece of businesses these days, but we were losing half our day to playing air traffic control with our clients. It’s the same problem we had when I worked at a big four firm. A team would send hundreds or thousands of requests via email, and we all kept track manually in one huge spreadsheet. It was a nightmare.”

 

Sqrl’s initial market focus is small and regional accounting firms, with plans to expand the tool to the broader professional services market including financial advisers, lawyers and digital agencies.

 

A big thanks to those friends and mentors who have played a large role in the recent success. The team is fully committed to building a great product for the accounting profession and beyond and couldn’t be more excite about the path we’re on!

 

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