Accounting automation startup receives nearly P17-M investment 

A LOCAL private investor network has invested P16.68 million or $283,500 in Filipino-American-founded accounting automation startup Gappify Inc.

Manila Angel Investors Network (MAIN), a non-stock and non-profit corporation registered with the Securities and Exchange Commission, has also supported the startup’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,” Gappify Chief Executive Officer Jotham Ty said in a press release on Monday.

Gappify has an “accrual cloud” that helps accounting departments “to close their books with greater accuracy and completeness, bolster internal controls to strengthen compliance, and mitigate financial misstatement risk.”

Mr. Ty said that Gappify, the technology of which came from the Philippines, has helped in providing modernized accounting solutions which improved operations.

“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 chief finance officer office,” Mr. Ty added.

Gappify recently opened an office in New York City and is set to open another office in Chicago. It has outsourced operations in the Philippines, Mexico, and Argentina.

According to the press release, the startup company is set to go through another round of financing in 2023.

MAIN is the current chair of the ASEAN Business Angel Alliance which helps in plugging the network’s angels and startups into the region’s network opportunities.

Investors in MAIN have invested in “agricultural technology, education, financial services, food and beverage, health, internet of things, manufacturing, marketplaces, media & entertainment, property, real estate, retail, software as a service, shared economies, social enterprise, and urban innovation.” — Justine Irish DP. Tabile