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arrow-up;}.wp-block-tenup-carousel{--wp--custom--tenup--show-dots: 1;--wp--custom--tenup--show-arrows: 1;--wp--custom--tenup--per-page: 1;--wp--custom--tenup--slide-type: slide;}.wp-block-tenup-tabs{--wp--custom--tenup--max-number-of-tabs: 5;}.wp-block-techcrunch-site-header{--wp--preset--color--white: var(--wp--custom--color--white);--wp--preset--color--green-500: var(--wp--custom--color--green-500);--wp--preset--color--black-500: var(--wp--custom--color--black-500);}:root { --wp--style--global--content-size: var(--wp--custom--content--width--default);--wp--style--global--wide-size: var(--wp--custom--content--width--wide); }:where(body) { margin: 0; }.wp-site-blocks > .alignleft { float: left; margin-right: 2em; }.wp-site-blocks > .alignright { float: right; margin-left: 2em; }.wp-site-blocks > .aligncenter { justify-content: center; margin-left: auto; margin-right: auto; }:where(.wp-site-blocks) > * { margin-block-start: 24px; margin-block-end: 0; }:where(.wp-site-blocks) > 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2 0 0 1-.405.655L7.53 9.494l.66.71.988-1.06c.526-.566.82-1.332.82-2.131 0-.8-.294-1.566-.82-2.13A2.7 2.7 0 0 0 7.198 4c-.744 0-1.456.317-1.982.882L1.491 8.888a3 3 0 0 0-.61.977 3.2 3.2 0 0 0 0 2.307c.141.365.348.697.61.977a2.7 2.7 0 0 0 1.983.85 2.73 2.73 0 0 0 1.994-.88l-.662-.711a1.9 1.9 0 0 1-.605.436 1.75 1.75 0 0 1-1.43 0 1.9 1.9 0 0 1-.605-.436"/></svg> </a> </div> </div> </div> </div> <div class="article-hero__middle"> <h1 class="article-hero__title wp-block-post-title">Fondo wants to mitigate the American accountant shortage with its AI bookkeeping service</h1> </div> <div class="article-hero__bottom "> <div class="article-hero__authors"> <div class="is-style-default wp-block-tc23-author-card"> <div class="wp-block-group wp-block-tc23-author-card__info is-layout-flow wp-block-group-is-layout-flow"> <div class="wp-block-tc23-author-card-name"> <a class="wp-block-tc23-author-card-name__link" href="https://techcrunch.com/author/kate-park/">Kate Park</a> </div> </div> </div> </div> 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href="https://home.treasury.gov/news/featured-stories/small-business-and-entrepreneurship-in-the-post-covid-expansion#:~:text=Entrepreneurship%20continues%20to%20surge%3A%20the,percent%20more%20than%20in%202019." target="_blank" rel="noreferrer noopener nofollow">is actually on the rise</a> in the U.S.: In 2024, an average of 430,000 new business applications were submitted every month, marking a 50% rise from 2019. </p> <p class="wp-block-paragraph">But the number of accountants these new businesses will need to maintain their books, file taxes, and do related accounting work <a href="https://www.mileseducation.com/accounting/blogs/the-accountant-shortage-is-real-heres-what-you-need-to-know" target="_blank" rel="noreferrer noopener nofollow">is dipping</a>. Nearly <a href="https://www.goingconcern.com/number-of-the-day-75/" target="_blank" rel="noreferrer noopener nofollow">75% of CPAs</a> are expected to retire in a decade, and <a href="https://www.wsj.com/lifestyle/careers/accounting-salary-cpa-shortage-dec2caa2?mod=article_inline" target="_blank" rel="noreferrer noopener nofollow">fewer graduates</a> are <a href="https://www.wsj.com/articles/accounting-graduates-drop-by-highest-percentage-in-years-5720cd0f" target="_blank" rel="noreferrer noopener nofollow">choosing accounting</a> because it simply doesn’t pay as much as fields like technology and finance.</p> <div class="ad-unit ad-unit--mobile ad-unit--has-placeholder ad-unit--display wp-block-tc-ads-ad-slot has-background has-gray-100-background-color"> <div class="ad-unit__ad" id="us-tc-ros-mw-mid-center" data-unitcode="us_tc_ros_mw_mid_center" data-sizes="[[300,250],[3,2],[2,2]]" style="min-height:250px;min-width:300px;"> </div> </div> <div class="ad-unit ad-unit--desktop ad-unit--native wp-block-tc-ads-ad-slot"> <div class="ad-unit__ad" id="us-tc-ros-dt-native-midarticle" data-unitcode="us_tc_ros_dt_native_midarticle" data-sizes="["fluid"]" style="min-height:0px;min-width:0px;"> </div> </div> <p class="wp-block-paragraph">Serial entrepreneur David Phillips sees an opportunity to fill this growing gap with his latest venture <a href="https://www.tryfondo.com/" target="_blank" rel="noreferrer noopener nofollow">Fondo</a>, which uses software, AI, and accounting experts to offer a bookkeeping platform aimed at startups and small- and medium-sized businesses. </p> <p class="wp-block-paragraph">Phillips founded Fondo in 2020 after selling his coding school startup, Hackbright, to Capella University in 2016. He’s also an angel investor, having invested in over 85 startups, including Rippling, Flexport and Liquid Death. </p> <p class="wp-block-paragraph">The 4-year-old startup, which operates on a subscription-based model, has already secured approximately 1,200 customers, reached annual recurring revenue of $6 million, and is profitable, Phillips said. Its customers include ElevenLabs, Karat, PostHog, Campus, and Limitless AI.</p> <p class="wp-block-paragraph">“To date, we have saved our customers over $75 million in Delaware Franchise Tax and helped them receive over $16 million back from the IRS in tax credits,” Phillips said.</p> <p class="wp-block-paragraph">To double down on its traction, the company recently raised an oversubscribed $7 million seed round led by Money Forward, a Tokyo-based fintech company, with participation from Y Combinator, Motley Fool Ventures, Next Coast Ventures, a16z Scout Fund, Index Ventures Scout Fund, and Twenty Two Ventures. The round values the company at $66 million.</p> <div class="marfeel-experience-inline-cta wp-block-tc23-marfeel-experience"> </div> <figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="2713" height="2033" src="https://techcrunch.com/wp-content/uploads/2024/11/ULhikf1zQphUHGUDAE86G91B.jpeg?w=680" alt="" class="wp-image-2922832" style="width:968px;height:auto" srcset="https://techcrunch.com/wp-content/uploads/2024/11/ULhikf1zQphUHGUDAE86G91B.jpeg 2713w, https://techcrunch.com/wp-content/uploads/2024/11/ULhikf1zQphUHGUDAE86G91B.jpeg?resize=150,112 150w, https://techcrunch.com/wp-content/uploads/2024/11/ULhikf1zQphUHGUDAE86G91B.jpeg?resize=300,225 300w, https://techcrunch.com/wp-content/uploads/2024/11/ULhikf1zQphUHGUDAE86G91B.jpeg?resize=768,576 768w, https://techcrunch.com/wp-content/uploads/2024/11/ULhikf1zQphUHGUDAE86G91B.jpeg?resize=680,510 680w, https://techcrunch.com/wp-content/uploads/2024/11/ULhikf1zQphUHGUDAE86G91B.jpeg?resize=1200,899 1200w, https://techcrunch.com/wp-content/uploads/2024/11/ULhikf1zQphUHGUDAE86G91B.jpeg?resize=1280,959 1280w, https://techcrunch.com/wp-content/uploads/2024/11/ULhikf1zQphUHGUDAE86G91B.jpeg?resize=430,322 430w, https://techcrunch.com/wp-content/uploads/2024/11/ULhikf1zQphUHGUDAE86G91B.jpeg?resize=720,540 720w, https://techcrunch.com/wp-content/uploads/2024/11/ULhikf1zQphUHGUDAE86G91B.jpeg?resize=900,674 900w, https://techcrunch.com/wp-content/uploads/2024/11/ULhikf1zQphUHGUDAE86G91B.jpeg?resize=800,599 800w, https://techcrunch.com/wp-content/uploads/2024/11/ULhikf1zQphUHGUDAE86G91B.jpeg?resize=1536,1151 1536w, https://techcrunch.com/wp-content/uploads/2024/11/ULhikf1zQphUHGUDAE86G91B.jpeg?resize=2048,1535 2048w, https://techcrunch.com/wp-content/uploads/2024/11/ULhikf1zQphUHGUDAE86G91B.jpeg?resize=668,501 668w, https://techcrunch.com/wp-content/uploads/2024/11/ULhikf1zQphUHGUDAE86G91B.jpeg?resize=500,375 500w, https://techcrunch.com/wp-content/uploads/2024/11/ULhikf1zQphUHGUDAE86G91B.jpeg?resize=823,617 823w, https://techcrunch.com/wp-content/uploads/2024/11/ULhikf1zQphUHGUDAE86G91B.jpeg?resize=708,531 708w" sizes="auto, (max-width: 2713px) 100vw, 2713px" /><figcaption class="wp-element-caption"><span class="wp-element-caption__text">David J. Phillips (Founder & CEO), Brian Simmons (Chief Product Officer), Diane E. McCormack (COO), Ali Ghanimati CPA (Chief Accounting Officer) image credits: Fondo </span></figcaption></figure> <p class="wp-block-paragraph">Fondo is definitely not alone in identifying the opportunity here. A host of companies, including <a href="https://pilot.com/" target="_blank" rel="noreferrer noopener nofollow">Pilot</a>, <a href="https://techcrunch.com/2022/03/24/digits-books-65m-on-a-565m-valuation-to-bring-a-more-dynamic-automated-approach-to-legacy-accounting-tools/">Digits</a>, <a href="https://techcrunch.com/2024/09/09/miami-based-ai-bookkeeping-startup-finally-has-raised-another-big-round-200m-in-equity-and-debt/">Finally</a>, and <a href="https://techcrunch.com/2018/01/31/bench-bookkeeping-service-raises-18-million-in-funding/">Bench</a> provide accounting services to small- and medium-sized businesses.</p> <p class="wp-block-paragraph">But Phillips feels Fondo differentiates itself by offering an “all-in-one solution” aimed at high-growth startups. “Traditionally, founders use separate services for each function, resulting in inefficiencies and a higher risk of errors,” he said. “Fondo combines these in one platform to simplify financial and tax operations for startups.”</p> <p class="wp-block-paragraph">The outfit will use the proceeds to invest in products and automation. It is also building an AI agent for its internal team and customers, who can use it to extract insights and analysis about their financial statements, accounts, cash flow, and more, Phillips said.</p> <div class="ad-unit ad-unit--mobile ad-unit--has-placeholder ad-unit--display wp-block-tc-ads-ad-slot has-background has-gray-100-background-color"> <div class="ad-unit__ad" id="us-tc-ros-mw-mid-center" data-unitcode="us_tc_ros_mw_mid_center" data-sizes="[[300,250]]" style="min-height:250px;min-width:300px;"> </div> </div> <div class="ad-unit ad-unit--desktop ad-unit--native wp-block-tc-ads-ad-slot"> <div class="ad-unit__ad" id="us-tc-ros-dt-native-midarticle" data-unitcode="us_tc_ros_dt_native_midarticle" data-sizes="["fluid"]" style="min-height:0px;min-width:0px;"> </div> </div> <p class="wp-block-paragraph">Fondo currently has about 70 employees and is hiring across product, engineering, accounting, and other roles.</p> <p class="wp-block-paragraph">“We’re focused on building a robust product that evolves with the needs of startups. This includes expanding our analytics and reporting capabilities, adding integrations with other tools that founders use, and enhancing our tax-saving options. We’re also looking at ways to support startups as they scale internationally, navigating the complexities of global compliance,” Phillips said.</p> </div> <div class="wp-block-tc23-post-relevant-terms"> <p class="wp-block-paragraph">Topics</p> <div class="tc23-post-relevant-terms__terms"> <a href="https://techcrunch.com/tag/accounting-software/" rel="tag">accounting software</a><span class="tc23-post-relevant-terms__separator">, </span><a href="https://techcrunch.com/category/artificial-intelligence/" rel="tag">AI</a><span class="tc23-post-relevant-terms__separator">, </span><a href="https://techcrunch.com/tag/artificial-intelligence-2/" rel="tag">artificial intelligence</a><span class="tc23-post-relevant-terms__separator">, </span><a href="https://techcrunch.com/tag/digital-bookkeeping/" rel="tag">digital bookkeeping</a><span class="tc23-post-relevant-terms__separator">, </span><a href="https://techcrunch.com/tag/fondo/" rel="tag">Fondo</a><span 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src="https://techcrunch.com/wp-content/uploads/2025/02/perplexity-deep-research.jpeg?w=668" class="attachment-card-block-16x9 size-card-block-16x9 wp-post-image" alt="Perplexity Deep Research logo" decoding="async" loading="lazy" srcset="https://techcrunch.com/wp-content/uploads/2025/02/perplexity-deep-research.jpeg 1920w, https://techcrunch.com/wp-content/uploads/2025/02/perplexity-deep-research.jpeg?resize=150,84 150w, https://techcrunch.com/wp-content/uploads/2025/02/perplexity-deep-research.jpeg?resize=300,169 300w, https://techcrunch.com/wp-content/uploads/2025/02/perplexity-deep-research.jpeg?resize=768,432 768w, https://techcrunch.com/wp-content/uploads/2025/02/perplexity-deep-research.jpeg?resize=680,383 680w, https://techcrunch.com/wp-content/uploads/2025/02/perplexity-deep-research.jpeg?resize=1200,675 1200w, https://techcrunch.com/wp-content/uploads/2025/02/perplexity-deep-research.jpeg?resize=1280,720 1280w, 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