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  • Writer's pictureFOG Ventures

VC Funding News: FOG Venture LPs contribute to $30M round of funding raised by Puzzle.io

Amidst the surge in both VC funding news and generative AI, Sasha Orloff and the teams at Puzzle are pioneering the future of automated accounting by rebuilding startup accounting software from the ground up.

"Our goal is for Puzzle to become the essential financial infrastructure for all modern companies…We’re empowering founders with insights and accountants with software that finally fits how they work today.” -- Sasha Orloff, Co-founder and CEO

Real-time insights and automated workflows provide the simplicity and efficiency that give finance and accounting teams the visibility to make strategic decisions. Supporting innovation that exceeds the bolt on approach to AI, Puzzle has grown into the premier startup accounting software that integrates and empowers users.


Puzzle's startup accounting software milestones

  1. Accounting is at an inflection point with AI tailwinds, with ChatGPT4 passing the CPA exam.

    1. Leading accounting firms like Burkland have saved clients on average 25% from month-end close, powered by Ramp & Puzzle, with automated workflows.

  2. Outdated tools and stagnating wages have led to a mass exodus, with more than 300,000 U.S. accountants and auditors having left their jobs in the past two years.

    1. Completely rebuilt core startup accounting software to be smarter, faster, and seamlessly integrated with modern fintech platforms.

  3. GAAP is how you evaluate the financial health of a public company, but not how you evaluate a startup’s financial health, which requires ARR, burn, trends, and variance.

    1. Puzzle achieved 15% new customer growth month-over-month and raised $30M in new funding to fuel rapid growth, with a total of $50M raised to date.

Why we’re excited about this VC funding news

Supporting Sasha and John’s journey to modernize startup accounting software begins with their vision to lead the industry in bringing accounting into the AI era with funding for:

  • Accelerating product roadmaps

  • Expanding integrations

  • Boosting AI capabilities

This announcement in VC funding news and participation in this $30M raise by Puzzle marks an important stage of shared excitement amongst FOG LPs supporting a key tool in the tech stack of operators.

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