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David J. Phillips (Founder & CEO), Brian Simmons (Chief Product Officer), Diane E. McCormack (COO), Ali Ghanimati CPA (Chief Accounting Officer) image credits: Fondo
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Despite all the talk of doom and gloom about the economy , entrepreneurshipis in reality on the risein the U.S. : In 2024 , an average of 430,000 new business applications were put forward every calendar month , marking a 50 % ascending from 2019 .
But the number of accountants these Modern businesses will need to maintain their playscript , file taxes , and do related accounting workis dipping . Nearly75 % of CPAsare bear to retire in a decade , andfewer graduatesarechoosing accountingbecause it simply does n’t bear as much as field like technology and finance .
Serial entrepreneur David Phillips sees an chance to fill this develop gap with his latest ventureFondo , which uses software , AI , and accounting experts to offer a bookkeeping platform aimed at inauguration and small- and medium - sized businesses .
Phillips founded Fondo in 2020 after selling his coding schooltime startup , Hackbright , to Capella University in 2016 . He ’s also an angel investor , having invested in over 85 startups , include Rippling , Flexport and Liquid Death .
The 4 - year - old startup , which operates on a subscription - establish exemplar , has already secured roughly 1,200 customers , accomplish annual recurring revenue of $ 6 million , and is profitable , Phillips sound out . Its customers admit ElevenLabs , Karat , PostHog , Campus , and Limitless AI .
“ To date , we have saved our customer over $ 75 million in Delaware Franchise Tax and helped them receive over $ 16 million back from the IRS in revenue enhancement credits , ” Phillips said .
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Fondo is unquestionably not alone in identifying the opportunity here . A host of company , includingPilot , Digits , Finally , andBenchprovide method of accounting service to small- and medium - sized business .
But Phillips feels Fondo differentiates itself by offering an “ all - in - one answer ” aimed at high - growth inauguration . “ Traditionally , founders use separate serving for each function , resulting in inefficiencies and a higher risk of errors , ” he say . “ Fondo combine these in one platform to simplify financial and revenue enhancement cognitive operation for startups . ”
The outfit will use the proceeds to put in ware and automation . It is also building an AI agent for its internal team and client , who can use it to extract perceptivity and depth psychology about their fiscal statements , accounts , cash period , and more , Phillips suppose .
Fondo currently has about 70 employees and is hiring across product , engineering , accounting , and other use .
“ We ’re focused on building a robust ware that evolves with the pauperism of startups . This admit expanding our analytics and coverage capability , adding integrations with other tools that founders use , and enhancing our tax - save options . We ’re also looking at ways to support startups as they surmount internationally , navigating the complexities of spherical compliance , ” Phillips said .
