Every.io Emerges with $9.5M Funding: A One-Stop Solution for Startup HR and Finance
Every.io, an innovative all-in-one back office stack for startups, has emerged from stealth with a significant milestone: securing $9.5 million in seed funding. The funding round, led by Base10 Partners, with contributions from Y Combinator, Formus Capital, and Cambrian Ventures, marks a significant leap forward for the company.
Founded by serial entrepreneur Rajeev Behera, Every.io aims to simplify the back office complexities faced by startups. The platform offers a comprehensive suite of services, including banking, payroll, benefits, and tax management, all integrated through advanced AI technology. With this funding, Every.io is poised to expand its offerings and customer base, already boasting over 75 clients, including a rapid growth to $1M ARR within six months of its Y Combinator batch debut.
SAN FRANCISCO, Nov. 28, 2023 Every.io (dba Every), the all-in-one back office stack for startups, today announced its coming out of stealth alongside $9.5 million in seed funding. The round was led by Base10, with participation from Y Combinator, Formus Capital and Rex Salisbury’s Cambrian Ventures. Every provides bank accounts, corporate cards, bill payments, corporate treasury, HR, payroll, benefits, accounting, and taxes all in one platform, allowing founders to save time and money. Following their successful launch in YC’s S23 batch, Every hit $1M ARR in 6 months and grew to 75 customers.
Every was founded by serial entrepreneur, Rajeev Behera, who previously raised $100M for his last venture, Reflektive, in the HR B2B SaaS space, scaling it to 250 employees.
The inspiration came from Behera’s experience as the founding CEO at Reflektive, noting “When I started my last company, I made a lot of costly errors setting up my back office. Founders just want to focus on building. They don’t have time to learn complex subjects like payroll, taxes and accounting.”
For this reason, on top of being a platform, Every provides not just a great suite of products, but also top notch professional services. Founders get a dedicated accountant and payroll specialist for expert guidance, who can provide support filing state taxes, choosing the best healthcare plan and creating a custom treasury management plan that maximizes yield and fund safety.
“We had some complicated situations with paying our contractors, and Every handled them super well. We were literally set up within an hour for contractors and within a day for W2 payroll,” George Wang, Co-Founder and CEO at Stellar Sleep (YC S23).
“As a founder, the last thing I need is to be thinking about all these details. Finding a single trusted source to handle all of them (well + efficiently), so I can focus on our customers & product is so valuable.” – Luke Groesbeck, Co-Founder and CEO at Foundation (YC S23).
Every’s AI automates workflows across it’s highly integrated product suite saving founders time and money while delivering a superior experience. For example, Every’s in-house general ledger sits across banking, payroll and treasury allowing the Bookkeeper AI to seamlessly pull and automatically categorizes transaction data, delivering bookkeeping at 50% the cost of competitors.
“We are thrilled to lead this seed funding round and are excited how Every is leveraging AI to reimagine the full back office stack to simplify complex workflows so they are more founder friendly,” said Rexhi Dollaku, General Partner at Base10 Partners. “We look forward to partnering with Every as they continue to save founders hundreds of hours managing Finance and HR.”
To learn more or sign up for a demo, check out the website at every.io.
About Every
Every is the first all-in-one finance and HR suite that combines Banking, Cards, Bill Payments, Corporate Treasury, Bookkeeping, Tax, HR, Payroll, and Benefits in one platform. Every saves founders time by consolidating all their back office work in one place with 10x better workflows using AI. With funding by Base10 and Y Combinator, Every has over 75 customers.
About Base10
Founded by Adeyemi Ajao and TJ Nahigian, Base10 is a San Francisco-based venture capital fund investing in founders who believe purpose is key profits and companies that are automating sectors of the Real Economy, including transportation, healthcare, retail, logistics, and construction. The Advancement Initiative, Base10’s growth-stage fund, donates 50% of profits to Historically Black Colleges and Universities to support financial aid and other key initiatives. Portfolio companies include Notion, Figma, Nubank, Nowports, Motive, Chili Piper, and Popmenu. Connect via base10.vc.
SOURCE Every, Inc.
