Yet another company focused on helping businesses with their accounting — and specifically with regulatory compliance — has received its first funding, with $13.6 million going to Sunnyvale, Calif. startup Corefino.
The firm joins a set of similar companies to receive funding in the past couple months: Risk manager Agiliance with $10 million, internal investigator Vantos with $10.6 million, and archiving and eDiscovery group Mimosa with $17 million.
The specific niche Corefino is going for is small- and medium-size businesses, which are often challenged by complex regulations like Sarbanes-Oxley.
Corefino’s investment was co-led by Bay Partners and Opus Capital Ventures. The company says it will use the money for development and marketing.