# Fondo

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/fondo

- Industry: Software
- Headquarters: San Francisco, US
- Website: www.tryfondo.com
- Total disclosed funding: $7M
- Latest round: Seed (Oct 28, 2024)
- Investors on record: 4

## About

Founded in 2020 and based in California, US, CEO David J. Phillips, BloomJoy, Inc., d.b.a. Fondo operates as a software development company that develops an all-in-one accounting platform for startups to get their books closed, taxes filed, and cashback from the IRS (internal revenue service). In February 2023, Fondo raised USD 1.8 million in venture debt funding from Capchase Inc. The round was part of a larger USD 3 million equity and debt funding. As of February 2023, the company employs about 54 employees. The company provides a software-as-a-service (SaaS) fintech platform that allows businesses to compile financial statements, as well as ensures that taxes are filed on time, and claim tax credits. The platform offers a wide range of features, including tax credits, tax passes, bookkeeping, and global tax pass. Fondo generates revenue from the subscription of its platform packages, which include bookkeeping (USD 499 per month), tax passes (USD 1,450 per year), and global tax passes (USD 5,150 per year). In the fiscal year 2022, the company generated USD 3 million in annual recurring revenue. The company plans to use its proceeds from February 2023 funding to invest in product development and grow the team. In October 2024, Fondo raised USD 7 million in seed funding led by new investor Money Forward, with participation from returning investors Y Combinator. Other new investors Motley Fool Ventures, Next Coast Ventures, and Twenty Two Ventures also participated in the round.

## Funding rounds

- Seed, Oct 28, 2024, $7M — Y Combinator, Next Coast Ventures, Motley Fool Ventures, Twenty Two Ventures

## Investors

- Y Combinator (https://capitalatlas.ai/funds/y-combinator) — Seed
- Next Coast Ventures (https://capitalatlas.ai/funds/next-coast-ventures) — Seed
- Motley Fool Ventures (https://capitalatlas.ai/funds/motley-fool-ventures) — Seed
- Twenty Two Ventures (https://capitalatlas.ai/funds/twenty-two-ventures) — Seed