Collective, which provides financial solutions for freelancers, has raised $50 million in Series B funding round.
The $50 million investment round was led by Gradient Ventures, The General Partnership, QED Investors, Expa, Better Tomorrow Ventures and Innovius Capital.
Collective, founded by Buğra Akçay, Uğur Kaner and Hooman Radfar, provides consulting services for freelancers by offering financial solutions such as tax, accounting and bookkeeping in one place. The platform utilizes artificial intelligence to automate processes like categorizing expenses and bank reconciliation. It also offers tracking tools for tasks such as payroll, quarterly and annual tax reporting, and monitoring monthly expenses and deductions.
Collective’s Co-Founder and CEO, Hooman Radfar, who made a statement about investment, “We’re building the financial operating system for one of the fastest-growing segments of the US economy, the freelance workforce. Businesses-of-One generate $1.4trn in revenue yet have been underserved by traditional back-office software and service providers. AI is allowing us to solve that problem faster and help more solopreneurs launch and grow their businesses. What’s more, AI will also accelerate the growth of the freelance economy. A single person can now scale a business to levels never before imagined. The first billion-dollar Business-of-One may have already been born.”
Collective plans to use the new investment to expand its operations and develop additional services.