Outright.com Secures $2 Million in Seed Funding to Provide Free Online Bookkeeping Software 'For the Rest of Us'

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Investors see timely opportunity in providing self-employed people and micro-businesses with 'dead simple' online software to track income/expenses and stay on top of their taxes

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We invested in Outright.com because we believe that there is a huge opportunity to introduce the burgeoning ranks of self-employed individuals to simple web software that reduces the burden of running a business

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Outright.com (formerly GoBootstrap.com) the easiest way for self-employed people to manage their bookkeeping, has emerged from stealth mode with $2 million in seed funding from top-tier early-stage investors. Outright.com is taking aim at the 21 million self-employed people whose essential bookkeeping needs are not addressed by traditional, complex accounting and bookkeeping software.

The round was co-led by First Round Capital and Shasta Ventures, with additional investments from Jeff Clavier's SoftTech VC and several prominent angels. Outright.com plans to use the funds to expand its product team and accelerate customer acquisition.

"We invested in Outright.com because we believe that there is a huge opportunity to introduce the burgeoning ranks of self-employed individuals to simple web software that reduces the burden of running a business," said Rob Hayes, partner at First Round Capital, who is joining as a board member. "The timing is perfect for Outright.com: more people are running their own businesses and could really use a simple, free bookkeeping solution."

Outright.com was founded by Kevin Reeth (CEO) and Ben Curren (CTO), both of whom have launched successful web applications while working at companies like Intuit, Yahoo!, Eveo, Charles Schwab & Co., and eGroups. They came up with the idea for Outright.com while running their own small business.

"Entrepreneurs, self-employed people, small-business owners - these folks are starved for time," said Kevin Reeth, co-founder and CEO of Outright.com. "They shouldn't have to spend it on unnecessary accounting complexity. Now they won't have to."

Handy web links:

Key features:

  • Easily track business income, invoices, payments. FreshBooks integration included.
  • Web-based: works equally well on all platforms. Even Mac.
  • Track expenses and never miss another business deduction. Match expenses with easy-to-understand expense categories. Flag expenses you're not sure about for discussion with your accountant or bookkeeper.
  • Get a detailed breakdown of income and expenses, by category.
  • See how much profit you're making: by month, quarter or year.
  • Stay on top of 1099 forms for contractors and freelancers.
  • Receive reminders for quarterly tax deadlines.
  • See how the quarterly tax estimates are calculated, including self-employment taxes.
  • Export your information at any level of detail into a spreadsheet.

About First Round Capital (firstroundcapital.com)
First Round Capital is a prominent investor in early stage companies, including: Aggregate Knowledge, Jingle Networks (1-800-FREE411), Krugle, Riya, StumbleUpon, and VideoEgg. First Round Capital has offices in Philadelphia and San Francisco.

About Shasta Ventures (shastaventures.com)
Shasta Ventures is a venture capital firm focused on helping build technology-enabled companies that offer unique products and services to their customers. Shasta Ventures is located in Menlo Park, Calif. and manages over $200 million.

About Outright.com (http://www.outright.com)
Outright.com develops 'dead simple' software for self-employed individuals, work-at-home people, sole proprietors, micro-businesses and anyone that files a Schedule C tax return. Our software helps you track income and expenses, pay estimated taxes on time, and see how your business is doing. Outright.com was designed by former Intuit employees who realized that existing personal finance and small-business finance applications simply don't address the needs of self-employed people. Outright.com is completely web-based, safe, and secure.

Tim Cox | ZingPR


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