Silicon Valley Bank provided a $6 million line of credit while investors chipped in $7.5 million. The venture funding was led by Split Rock Partners and had participation from existing investors, Bessemer Venture Partners, Emergence Capital, Sigma Partners and Sutter Hill Ventures. Intacct said it would use the funds to develop products and expand its channel. The company has enlisted accounting firms as resellers and also to use its application to provided outsourced accounting services.
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Intacct Gets $13.5M in Funds
Intacct, which makes Internet-based financial applications, has raised $13.5 million in funding through a combination of equity investments and a bank line of credit. It is the first announced round of venture capital investment since August 2010 when the San Jose, Calif.-based company raised $3 million.
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