Teal raised $8 million in seed funding to build its accounting infrastructure for vertical software-as-a-service (SaaS) businesses. The company’s APIs and tools allow these businesses to build their own accounting suites to offer to their small- to medium-sized business (SMB) customers, Teal said in a Monday (May 20) press release. “Having led Bench Accounting, the largest bookkeeping service for SMBs, for a decade, I saw firsthand the limitations of standalone accounting software that is not integrated into the rest of a business’s core platform,” Teal Co-founder and CEO Ian Crosby said in the release. Crosby founded Teal in 2023 after serving as CEO and co-founder of Bench Accounting and
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