SaaS Startup, Relocated to Lithuania Through a Startup Visa Lithuania Program, Synder Raised $2M In a Late Seed Round to Revolutionize Accounting For E-commerce
TMT investments venture fund invested $2M as a lead investor in a late seed round into Synder – an easy accounting solution for e-commerce businesses.
Synder is a SaaS product for businesses in the US, which is designed to automate bookkeeping processes and sync multi-channel sales in one single ecosystem for businesses selling online. A detailed sync process gives an opportunity to track multi-channel sales per product, client, currency, or location and provides users with clear reporting on their business health. A smart rule engine opens unlimited customization and automation of business and accounting workflows taking into consideration all peculiarities of each particular business use case.
With a help of the Startup Visa Lithuania program, startup Synder came and opened an office in Lithuania in September 2020, and founders with part of the team working from here.
In 2020 Synder reached the milestone of $1B transactions in amounts processed for several thousand companies.
Michael Astreiko, CEO of Synder:
“We are living in the era when having just one source of income for commerce businesses, be it offline or online, is limiting business growth. Skyrocketing Shopify, Amazon and Etsy are clearly illustrating this new long-lasting trend. The diversity of sales channels, payment methods, and sales geography, puts entrepreneurs in front of a new challenge – how to aggregate inventory and sales data across channels into a single system? You can either practice folding an Excel spreadsheets puzzle or start using smart online solutions. We are standing for the second path and believe that Synder can deliver easy accounting for e-commerce businesses.”
Synder is integrated with the most powerful sales and payment systems like Shopify, Amazon, WooCommerce, Etsy, Stripe, PayPal, Square and others. The flexibility in approach and sensitivity to market trends drives the Synder team to add new platforms and extend the services available to users on a monthly basis.
Founded in 2019 and headquartered in San Francisco, CA, Synder has become a top-rated solution on the market with hundreds and thousands of customer reviews on the marketplaces like QuickBooks App Store, Capterra, g2, Trustpilot, and Shopify App Store. Last fall the company raised angel investments from Smart Partnership Capital.
Founders of Synder Michael Astreiko (CEO) and Ilya Kisel (COO) have more than 15 years overall experience in the IT and e-commerce spheres.
Artyom Inutin, co-founder and managing partner of TMT Investments venture fund:
“Accounting automation is a very important trend which tends to show sustainable acceleration. The Synder team managed to create a perfect product for e-commerce and we are glad to support their activity in a new investment round the main goal of which is market expansion.”