# Hubdoc

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

- Industry: Financial Services
- Headquarters: Toronto, Canada
- Website: www.hubdoc.com
- Total disclosed funding: $4.8M
- Latest round: Seed (Jun 21, 2017)
- Investors on record: 3

## About

Hubdoc Inc. is a financial technology company that provides document and data capture software, streamlining financial document management for small businesses and accountants through automation and integration with accounting platforms.Founded in 2011 in Toronto, Canada, Hubdoc Inc. specializes in capturing financial documents digitally. The company was acquired by Xero Limited in July 2018 for USD 70 mn, marking a significant transition in its business strategy. Hubdoc operates globally, serving clients in the United States, Canada, Australia, the United Kingdom, and New Zealand. The company’s founders have a history in the tech space, although specific prior ventures are not detailed.Hubdoc specializes in document and data capture software designed to streamline the management of financial documents such as bills, receipts, and statements. Users can import financial documents through mobile photo capture, email forwarding, and desktop uploads. Hubdoc extracts key information—like supplier names, amounts, invoice numbers, and due dates—transforming these into usable data compatible with accounting platforms like Xero and QuickBooks Online. This service is tailored for small businesses and accountants, enhancing bookkeeping workflows and eliminating manual data entry.Hubdoc generates revenue primarily through subscription-based offerings for its document management services. Clients, typically small businesses, subscribe to automate their bookkeeping processes, improving efficiency in financial record management. Different pricing tiers align with specific business needs and document volumes. The firm's core product, which includes document capture and data extraction capabilities, is integral to its value proposition, while partnerships with accounting firms broaden its customer base.Following the acquisition by Xero Limited in July 2018, Hubdoc aims to expand its product offerings and enhance its integration with Xero's ecosystem. Future growth initiatives include the development of new features designed to improve user experience and automate additional aspects of financial management. Additionally, Hubdoc plans to explore further geographic expansion into European markets by the end of 2024, leveraging funding from the acquisition to support these initiatives.

## Funding rounds

- Seed, Jun 21, 2017, $4.8M — BDC Capital, Hyde Park Venture Partners, Round13 Capital

## Investors

- BDC Capital (https://capitalatlas.ai/funds/bdc-capital) — Seed
- Hyde Park Venture Partners (https://capitalatlas.ai/funds/hyde-park-venture-partners) — Seed
- Round13 Capital (https://capitalatlas.ai/funds/round13-capital) — Seed