Manila Angel Investors Network, a private investors network in the Philippines, has invested $283,500 (or around P16.68 million) in accounting automation startup, Gappify.
Gappify, whose leadership team consists of former accountants and software innovators, provides mid-market and enterprise accounting teams with accounting automation solutions. Its Gappify Accrual Cloud allows accounting departments to close their books with greater accuracy and completeness, bolster internal controls to strengthen compliance, and mitigate financial misstatement risk.
“We are proud to empower the growing number of accountant departments seeking to use our software as a service (SaaS) accounting solutions to modernize their technology stack and improve their operations,” said Jotham Ty, CEO and founder of Gappify.
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Jack Arambulo, one of MAIN’s investors, said that Gappify’s unique value proposition lies in its ability to provide customers with the right level of engagement within their own ecosystem.
Based on the business needs, for example, it can automatically send messages to customers’ active vendor lists to confirm specifics around the open transactions early. This ensures a more accurate set of journal entries that leads to more current and compliant accounting accrual calculation practices.
In addition to MAIN’s financial investment, the network has also supported Gappify’s talent acquisition and regulatory requirements.
“MAIN’s diverse 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,” Ty said.
Tapping MAIN’s expertise in the local market, Gappify has proactively engaged with its angel investors throughout its journey.
Gappify has recently opened an office in New York City and is set to open another office in Chicago. Apart from the Philippines, it has outsourced operations in Mexico and Argentina.