Startups

BodeTree, A Startup Making Small Business Finance Less Boring, Raises $1.4 Million

Comment

BodeTree, an online service that helps small business owners better understand their finances, has raised $1.4 million in seed funding, led by Denver-based Greenline Ventures. Though a company working to address the money management needs of business owners would seem, at first blush, to be a competitor with Intuit, BodeTree has actually grown by partnering with them – ties it expects to soon deepen in the weeks ahead.

The startup’s product is currently featured in Intuit’s App Center, a site undergoing a refresh this June after which it will relaunch as Apps.com. The new approach will see the service as less of a add-on marketplace, instead resembling an almost Apple-like app store featuring software and solutions designed for small business owners.

Following the new investment, BodeTree no longer plans to be just an Intuit partner going forward. The goal, explains co-founder Matthew Ankrum, is to go “platform neutral.”

“Anybody who has an accounting software system will be able to get the benefits of BodeTree,” he says. For now, that focus is on the SMB customer, but longer-term the company may expand to address either the high end or low end of the market.

Those benefits, for those unfamiliar, is an online dashboard-like interface that helps business owners better understand where their business stands today. It uses colorful widgets, charts and graphs to draw the eye, and playfully includes a red, yellow, or green “BodeTree guy” sitting under a window entitled “Business Enlightenment.” (The color, of course, indicates your current progress.)

The mascot – and the startup’s brand – is something of a play on the concept of Zen-like enlightenment. The message being that you can find peace with your business finances.

But this lightheartedness serves another purpose, too – it makes something that’s decidedly boring and unsexy kind of fun, as CEO Christopher Myers told us when the service launched last spring. This quarter, BodeTree will release an all-new version of its service which aims to make its user interface even more visually appealing, notes Ankrum.

“We’re going to move it from being a powerful, connected, holistic reporting tool to something that’s much more of a management tool, so [users] can see what’s happening in their business and make better decisions,” he explains.

In addition to the expanded partnerships, BodeTree’s funding will also be used to beef up its online university product which offers financial and business management classes to SMBs, led by experts. The new university will adopt the SkillShare model, where 70 to 80 percent of the revenue earned goes directly to the teacher. Business owners will pay $20 to $50 for each week-long class they sign up for, the founders say.

Today, BodeTree has more than 5,000 paying customers who either paid a $49.95 monthly fee for the service, or pay $495 per year. This is an increase from its launch prices, but it is still less expensive than the business consulting services the startup aims to compete with and the high-end financial software programs on the market today.

BodeTree’s now 15-person team will also grow, with plans to hire more developers, plus sales and marketing.

Also participating in the round that closed just this week were an eclectic group of other angel investors, which the company couldn’t disclose by name. But Ankrum referred to them in broad strokes as: “a founder of a large accounting and advisory firm out of Chicago; a CEO of a Fortune 500 company; a managing director of a private equity fund that also co-heads their small business fund; and a former White House Cabinet member.”

More on BodeTree, including sign-up, is here.

More TechCrunch

“When I heard the released demo, I was shocked, angered and in disbelief that Mr. Altman would pursue a voice that sounded so eerily similar to mine.”

Scarlett Johansson says that OpenAI approached her to use her voice

A new self-driving truck — manufactured by Volvo and loaded with autonomous vehicle tech developed by Aurora Innovation — could be on public highways as early as this summer.  The…

Aurora and Volvo unveil self-driving truck designed for a driverless future

The European venture capital firm raised its fourth fund as fund as climate tech “comes of age.”

ETF Partners raises €284M for climate startups that will be effective quickly — not 20 years down the road

Copilot, Microsoft’s brand of generative AI, will soon be far more deeply integrated into the Windows 11 experience.

Microsoft wants to make Windows an AI operating system, launches Copilot+ PCs

Hello and welcome back to TechCrunch Space. For those who haven’t heard, the first crewed launch of Boeing’s Starliner capsule has been pushed back yet again to no earlier than…

TechCrunch Space: Star(side)liner

When I attended Automate in Chicago a few weeks back, multiple people thanked me for TechCrunch’s semi-regular robotics job report. It’s always edifying to get that feedback in person. While…

These 81 robotics companies are hiring

The top vehicle safety regulator in the U.S. has launched a formal probe into an April crash involving the all-electric VinFast VF8 SUV that claimed the lives of a family…

VinFast crash that killed family of four now under federal investigation

When putting a video portal in a public park in the middle of New York City, some inappropriate behavior will likely occur. The Portal, the vision of Lithuanian artist and…

NYC-Dublin real-time video portal reopens with some fixes to prevent inappropriate behavior

Longtime New York-based seed investor, Contour Venture Partners, is making progress on its latest flagship fund after lowering its target. The firm closed on $42 million, raised from 64 backers,…

Contour Venture Partners, an early investor in Datadog and Movable Ink, lowers the target for its fifth fund

Meta’s Oversight Board has now extended its scope to include the company’s newest platform, Instagram Threads, and has begun hearing cases from Threads.

Meta’s Oversight Board takes its first Threads case

The company says it’s refocusing and prioritizing fewer initiatives that will have the biggest impact on customers and add value to the business.

SeekOut, a recruiting startup last valued at $1.2 billion, lays off 30% of its workforce

The U.K.’s self-proclaimed “world-leading” regulations for self-driving cars are now official, after the Automated Vehicles (AV) Act received royal assent — the final rubber stamp any legislation must go through…

UK’s autonomous vehicle legislation becomes law, paving the way for first driverless cars by 2026

ChatGPT, OpenAI’s text-generating AI chatbot, has taken the world by storm. What started as a tool to hyper-charge productivity through writing essays and code with short text prompts has evolved…

ChatGPT: Everything you need to know about the AI-powered chatbot

SoLo Funds CEO Travis Holoway: “Regulators seem driven by press releases when they should be motivated by true consumer protection and empowering equitable solutions.”

Fintech lender SoLo Funds is being sued again by the government over its lending practices

Hard tech startups generate a lot of buzz, but there’s a growing cohort of companies building digital tools squarely focused on making hard tech development faster, more efficient and —…

Rollup wants to be the hardware engineer’s workhorse

TechCrunch Disrupt 2024 is not just about groundbreaking innovations, insightful panels, and visionary speakers — it’s also about listening to YOU, the audience, and what you feel is top of…

Disrupt Audience Choice vote closes Friday

Google says the new SDK would help Google expand on its core mission of connecting the right audience to the right content at the right time.

Google is launching a new Android feature to drive users back into their installed apps

Jolla has taken the official wraps off the first version of its personal server-based AI assistant in the making. The reborn startup is building a privacy-focused AI device — aka…

Jolla debuts privacy-focused AI hardware

The ChatGPT mobile app’s net revenue first jumped 22% on the day of the GPT-4o launch and continued to grow in the following days.

ChatGPT’s mobile app revenue saw its biggest spike yet following GPT-4o launch

Dating app maker Bumble has acquired Geneva, an online platform built around forming real-world groups and clubs. The company said that the deal is designed to help it expand its…

Bumble buys community building app Geneva to expand further into friendships

CyberArk — one of the army of larger security companies founded out of Israel — is acquiring Venafi, a specialist in machine identity, for $1.54 billion. 

CyberArk snaps up Venafi for $1.54B to ramp up in machine-to-machine security

Founder-market fit is one of the most crucial factors in a startup’s success, and operators (someone involved in the day-to-day operations of a startup) turned founders have an almost unfair advantage…

OpenseedVC, which backs operators in Africa and Europe starting their companies, reaches first close of $10M fund

A Singapore High Court has effectively approved Pine Labs’ request to shift its operations to India.

Pine Labs gets Singapore court approval to shift base to India

The AI Safety Institute, a U.K. body that aims to assess and address risks in AI platforms, has said it will open a second location in San Francisco. 

UK opens office in San Francisco to tackle AI risk

Companies are always looking for an edge, and searching for ways to encourage their employees to innovate. One way to do that is by running an internal hackathon around a…

Why companies are turning to internal hackathons

Featured Article

I’m rooting for Melinda French Gates to fix tech’s broken ‘brilliant jerk’ culture

Women in tech still face a shocking level of mistreatment at work. Melinda French Gates is one of the few working to change that.

1 day ago
I’m rooting for Melinda French Gates to fix tech’s  broken ‘brilliant jerk’ culture

Blue Origin has successfully completed its NS-25 mission, resuming crewed flights for the first time in nearly two years. The mission brought six tourist crew members to the edge of…

Blue Origin successfully launches its first crewed mission since 2022

Creative Artists Agency (CAA), one of the top entertainment and sports talent agencies, is hoping to be at the forefront of AI protection services for celebrities in Hollywood. With many…

Hollywood agency CAA aims to help stars manage their own AI likenesses

Expedia says Rathi Murthy and Sreenivas Rachamadugu, respectively its CTO and senior vice president of core services product & engineering, are no longer employed at the travel booking company. In…

Expedia says two execs dismissed after ‘violation of company policy’

Welcome back to TechCrunch’s Week in Review. This week had two major events from OpenAI and Google. OpenAI’s spring update event saw the reveal of its new model, GPT-4o, which…

OpenAI and Google lay out their competing AI visions