Paraşüt grabs $2m for SME bookkeeping

Turkish bookkeeping software firm Paraşüt has picked up $2m in a Series B round of funding.

Istanbul-based VC fund manager Diffusion Capital Partners led the round.

500 Startups also joined the investment alongside existing backers Revo Capital and Ribbit Capital.

Paraşüt is a financial management software provider aimed at SMEs in Turkey.

Its cloud-based application offers tools such as online invoicing and billing as well as online revenue and expenditure tracking tools.

It recently partnered with Turkish bank Akbank Direct to facilitate payments through the platform.

Operating on a SaaS model the company was founded in 2013 and now serves more than 110,000 clients through trials, free access options and paid offerings.

Paraşüt claims to have doubled the number of paid customers on the platform since the start of the year.

The capital will be used to further expand the services available on the platform.

The company previously raised $1.9m in a Series A round led by Ribbit Capital in April 2015.

Diffusion Capital Partners manages a $30m fund and aims to invest in Turkish early-stage science and technology startups.

Copyright © 2016 FINTECH GLOBAL