AuditFile, a cloud-based solution to help CPA firms perform more efficient engagements, recently raised $3 million in a round led by SaaS and technology-focused private equity firm Banneker Partners.
The investment will be used by founding brothers Steven Bong, CEO, and Kevin Bong, COO, to continue refining and enhancing the app and increase sales efforts for the company, launched in 2011.
“No company has a solution like this,” stated Stephen Davis, a partner at Banneker. “They saw a real problem experienced by their father and have solved it in a very unique way.”
Now employing 15 people, including the brothers’ father, Gary Bong, who serves as CFO, the company stresses that it was “built by CPAs, for CPAs.”
“It’s time we streamline the audit process with today’s technology,” stated Steven Bong. “AuditFile is not just another audit software, it’s a game changer.”
Other AuditFile investors include Tim Draper, Ray Tonsing, Greenvisor Capital, Rothenberg Ventures, BoostVC, 500 Startups and more than two dozen individuals.
“We have garnered the support of many investors who want to help improve the audit process,” stated Kevin Bong. “We’re excited to help CPAs with a great solution.”
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