South Florida-based Xendoo has raised $3.5 million in seed funding to help small businesses manage their finances. The seed round was led by Malachi, with investments from Revolution’s Rise of the Rest Seed Fund, DeepWork Capital, Jason Calacanis’ LAUNCH Syndicate, and other follow on investments.
Lil Roberts, founder and CEO of Xendoo, is a serial entrepreneur, born and raised in South Florida. Roberts decided for her next business that she wanted to be in technology, help small business owners, and reshape an industry although she does not have an accounting background.
“Eighty two percent of the small businesses that go out of business do so from lack of cash flow, not lack of profitability.” according to Roberts who identifies as a business owner who keenly feels the issue of having access to timely financial data.
Xendoo is focused on the true small businesses of America– e-commerce resellers, gyms, hair salons, dry cleaners, funeral parlors, marketing companies, IT providers, and more. Customers are typically companies with revenue of half a million to $10 million. “We have some really unbelievable businesses in 45 states and eight countries.” said Roberts.