As Synder’s two co-founders, Michael Astreiko and Ilya Kisel, end their stint at Y Combinator, they also announced their $ 2 million round of funding from TMT Investments.
Although the turn was acquired before entering the accelerator program, the Belarus-based pair wanted to wait to publicly share the milestone. As they focus on their next journey of growth and expansion, the new funding will be used to attract more customers, visibility and sales.
The company promotes itself as a simple accounting platform for e-commerce businesses. It was originally founded as CloudBusiness in 2016 and has developed accounting automation and corporate finance management for small and medium businesses.
Astreiko and Kisel started Synder in 2018 and a year later they focused on the full-time business to develop an easy way for commerce businesses to transition to omnichannel sales, which Astreiko told TechCrunch may be “a huge pain” due to the complexity of the different payment systems and the high fees.
âThere are many solutions on the market, but you still need to have special knowledge to operate in accounting or commerce,â Kisel said. âFor us, simplicity means it’s worth it if you can access consolidated inventory, earnings and liabilities with just a few clicks. Sometimes small businesses don’t share this information due to the competition, but if something works and is easy, they definitely will. “
Synder does the heavy lifting for businesses by connecting sales channels like Amazon, Shopify, eBay, and Etsy into a single platform that users can manage with just one click. It also created a way to help the accounting flow so that all of the different payment methods could still be used, Kisel said.
The company already works with 4,000 customers and will now accelerate its expansion, but will need the right people on board to help the business grow, Astreiko said.
Igor Shoifot, partner at TMT Investments, said he will join Synder’s board once the company graduates from YC. He likes the simplicity of what the company does.
âOften the best solutions are economical, succinct and elegant – you can be on board in 10 minutes,â he added. âThere really isn’t anyone who really offers a similar solution that is that simple or that doesn’t require you to download or install something. I also like their focus on growth, the fact that they don’t have burns and they make money. “
Synder’s business model is a subscription-based SaaS model that begins with a free trial, and users can purchase additional services within the platform to accommodate businesses large and small.
Its more than 15 employees are spread across Europe and the company has just started hiring in the areas of marketing and sales in the United States.