Manila Angel Investors Network, the largest private investors network in the Philippines, has invested USD283,500 (PHP16.68M) in a Filipino-American-founded, accounting automation startup, Gappify.
Gappify, whose leadership team consists of former accountants and software innovators, empowers mid-market and enterprise accounting teams with robust accounting automation solutions. Its Gappify Accrual Cloud allows accounting departments to close their books with greater accuracy and completeness, bolster internal controls to strengthen compliance, and mitigate financial misstatement risk.
“We are proud to empower the growing number of accountant departments seeking to use our leading software as a service (SaaS) accounting solutions to modernize their technology stack and improve their operations,” said Jotham Ty, CEO, and founder of Gappify. “With more organizations focused on prioritizing efficiencies and compliance, Gappify will continue its focus in building new software products that have immediate value for the CFO office.”
“I am so proud that this technology came from the Philippines and is being maintained by Filipinos,” Ty added.
Jack Arambulo, one of MAIN’s investors, said that Gappify’s unique value proposition lies in its ability to provide its customers with the right level of engagement within its own ecosystem.
Based on the business needs, for example, it can automatically send messages to its customer’s active vendor list to confirm specifics around their open transactions early. This ensures a more accurate set of journal entries that leads to more current and compliant accounting accrual calculation practices.
In addition to MAIN’s financial investment, the network has also supported Gappify’s talent acquisition and regulatory requirements.
“MAIN’s diversified pool of investors engaged in various businesses has helped us find suitable talent and has also provided us with guidance on regulatory compliance in the Philippines,” Ty said.
Tapping MAIN’s expertise in the local market, Gappify has proactively engaged with its angel investors throughout its startup journey.
“We continue to appreciate the regular quarterly calls between Jotham and MAIN investors. That’s one of the things that we saw that Gappify did really well—being transparent and engaging with a lot of things,” Arambulo said.
With the company’s continued success, Gappify has recently opened an office in New York City and is set to open another office in Chicago. Apart from the Philippines, it has outsourced operations in Mexico and Argentina.
If all goes well, Gappify is planning to go through a second round of financing by next year.
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