Ceterus Raises $6M to Expand Automated Accounting and Benchmarked Reporting for Small Business

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Charleston Company Unveils the Future of Accounting for Small Business

“The future of accounting is more than a tool, it is a solution that is automated, timely, mobile, and provides useful analytics for the small business entrepreneur.”

Charleston-based Ceterus today announced the close of a $6 million Series A-1 extension investment led by Grotech Ventures. Participation in the round includes existing investors, TechOperators of Atlanta, GA, The IDEA Fund of Raleigh, NC, and Alerion Ventures of Charleston, SC.

Don Rainey, Grotech General Partner, said “Ceterus is an exciting company with impressive traction in the marketplace. We are enthused to partner with them as they address an immense market with an innovative approach to universal issues for small businesses.”

Pairing next-generation accounting technology with industry expertise, Ceterus provides a complete solution to small business entrepreneurs. “The future of accounting is more than a tool, it is a solution that is automated, timely, mobile, and provides useful analytics for the small business entrepreneur,” Levi Morehouse, Ceterus CEO and Founder said. “This new investment allows for expansion into new small business markets as well as developing additional functionality for our customers.”

Ceterus Edge gives small business owners instant access to their financials, as well as peer-benchmarks, key performance metrics, and daily balances, from any connected device. Edge aggregates data from customers’ point-of-sale, bank, and payroll systems, allowing the automation technology to reduce manual accounting processes.

Said Mohammadioun, TechOperators Managing Partner and Ceterus Board of Directors member, said, “Ceterus is a great young company with the potential to address what small businesses need. Accounting-as-a-service is the most effective way for small businesses to get a professional grade of accounting at a very affordable cost. Ceterus analytics offer insight that currently does not exist.”

To date, Ceterus has raised $10.2 million in venture capital. Ceterus will use this funding to continue growing its team in Charleston, SC, and to expand to new small business markets. The company is actively hiring to grow their downtown Charleston headquarters.

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About Ceterus
Ceterus, a Charleston-based technology and accounting company, empowers small business entrepreneurs by automating their accounting and financial reporting. Pairing Edge, its proprietary, cloud-based technology with professional accountants, Ceterus delivers a complete accounting and analytics solution for small business owners. Ceterus operates from its headquarters in Charleston, South Carolina, bringing together a growing team of top accounting and technology talent. For more information on the company and how its solutions, visit http://www.ceterus.com.

About Grotech
Founded in 1984, Grotech Ventures (http://www.grotech.com) is a leading early investor in high-potential technology companies. With more than $1.5B under management, Grotech seeks innovative, early-stage IT companies and continues to invest and add value throughout the growth of its portfolio companies. The firm has a strong combination of industry relationships and deep domain and operational expertise to accelerate growth. Grotech supports early-stage companies through investments starting at $500,000. General partners include Frank Adams, Chuck Cullen, Lawson DeVries, Steve Fredrick, Don Rainey and Joe Zell. The firm has offices in Virginia, Maryland and Colorado.

About TechOperators
An early-stage venture capital firm, TechOperators was founded on the premise that proven operators make the best partners for technology entrepreneurs. The firm is led by partners with decades of hard-fought operating success and experience founding, building and running world-class venture backed software companies. Based in Atlanta, TechOperators applies market-proven strategic and operational experience to drive growth during all stages of company building. TechOperators seeks entrepreneurs with bold innovative business software solutions in cyber security, cloud computing, mobile computing, and marketing. For more information visit http://www.techoperators.com.

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Mitchell Earl
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