Synder Raises $2M to Automate E-commerce Bookkeeping

Synder Completes Y Combinator and Secures $2 Million Seed Funding

Michael Astreiko and Ilya Kisel, the co-founders of Synder, have concluded their participation in the Y Combinator program and simultaneously revealed a $2 million seed funding round led by TMT Investments.

Although the funding was secured prior to entering the accelerator, the Belarus-based founders opted to postpone the public announcement. This strategic decision allowed them to concentrate on future growth and expansion initiatives, with the new capital earmarked for client acquisition, increased visibility, and bolstering sales efforts.

An Accounting Solution for E-commerce

Synder positions itself as a streamlined accounting solution specifically designed for the needs of e-commerce businesses. The company’s origins trace back to 2016, initially operating as CloudBusiness, focusing on automating accounting processes and managing finances for small to medium-sized enterprises.

In 2018, Astreiko and Kisel launched Synder, dedicating themselves to it full-time a year later. Their aim was to simplify the transition to omnichannel sales for commerce companies, a process Astreiko described to TechCrunch as often being fraught with difficulties due to the complexities of diverse payment systems and associated high costs.

Kisel emphasized that existing solutions often demand specialized expertise in accounting or commerce. “Our core principle is simplicity,” he stated. “The value lies in readily accessible, consolidated data regarding inventory, profits, and liabilities, obtainable with just a few clicks.”

Streamlining Sales Channel Management

Synder alleviates operational burdens for businesses by integrating various sales channels – including Amazon, Shopify, eBay, and Etsy – into a unified platform. This allows users to manage operations through streamlined, one-click processes.

Furthermore, the platform facilitates seamless accounting by accommodating diverse payment methods, as Kisel explained. This ensures a cohesive financial overview despite the variety of transaction sources.

Currently serving over 4,000 clients, Synder is now accelerating its expansion plans. Astreiko noted that attracting the right talent will be crucial to supporting this growth trajectory.

TMT Investments Backs Synder’s Vision

Igor Shoifot, a partner at TMT Investments, is set to join Synder’s board following the company’s YC graduation. He highlighted the platform’s inherent simplicity as a key factor in his investment decision.

“The most effective solutions are often economical, concise, and elegantly designed – offering rapid onboarding in as little as ten minutes,” Shoifot added. “Few competitors provide a similarly user-friendly experience without requiring downloads or installations. I also appreciate their focus on sustainable growth, their profitability, and their efficient capital utilization.”

Subscription-Based SaaS Model and Expansion

Synder operates on a subscription-based SaaS model, offering a free trial to new users. Customers can then enhance their experience by purchasing additional services within the platform, catering to businesses of varying sizes.

The company’s team of over 15 employees is geographically dispersed across Europe. Synder has recently initiated recruitment efforts in the U.S., specifically targeting marketing and sales professionals.