We just raised $22.5M led by Redpoint Ventures to help founders spend less time on back office headaches and more time growing their businesses. At Every, we’re on a mission to take the stress out of finance and HR so you can stay laser-focused on what really matters.
The Every team is excited to announce our $22.5M Series A round, led by Redpoint Ventures. This milestone represents years of hard work by our dedicated team and many lessons learned as a prior founder trying desperately to deploy close to nine figures in venture capital to scale sales, engineering, product, marketing, customer success…and yes…back office, including incorporation, payroll, HR, taxes, finance, and bookkeeping.
This is the stuff that shouldn’t keep founders awake at night, and yet it kept me awake because I wasn’t focused on what I needed to focus on to grow my company. I needed to make sure payroll was running. I needed to make sure people had health insurance and benefits. I needed to make sure my cash management policy was board compliant. I was the backstop.
“Why don’t you just hire a finance and HR person?” Every blog a founder reads, every piece of advice you see on social media focuses on successful founders like Mark Zuckerberg or Elon Musk talking about scale. That’s just not a set of problems founders going from 0 to their first $1M face. And it’s not something anyone talks about when you are a first time founder because it’s not glamorous - and yet it can severely restrict a company’s ability to scale and grow.
My mission with Every is dedicated to helping founders get to their first $1M in revenue, and beyond. Every hour of a founder’s day-to-day not laser focused on the goal of either building or selling is one of the greatest risks for company failure. And it’s with this laser focus on founders that makes Every different and unique.
Our sign up bonuses go straight back to founders. Our cashback on card spend goes back to founders. Our treasury management automates cash management for founders who need to remain board compliant with their VCs. Our expense tracking and bill payments integrates with bookkeeping - and we take care of accounting and taxes automagically.
Our Every mission isn’t just to build the best products for founders - it’s to stitch together the entire back office experience. Founders don’t need enterprise-level platforms like Workday or Rippling - they need a partner they can trust that understands their unique anxieties with a solution designed to eliminate this stress - the same stress that occupied close to 30% of my time at my first venture-backed company.
While this represents just the first of many milestones for Every, I’m excited we have great investors who believe in this mission and have first-hand experience as operators. They get the psychological and emotional toll back office administration can take on founders. If we continue getting better and better at solving the back office for founders, this translates into both direct and indirect ROI for founders and their entire teams and a better operating culture for everyone.
Ironically, what used to keep me up at night worrying about is now what drives my passion and empathy for solving this for others. I couldn’t be more excited to continue on this journey with our dedicated team and founder customers who believe in us.
Stay tuned for more updates - we’re launching free incorporation very shortly, so watch this space…
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SAN FRANCISCO, CA – September 5th, 2024 – Every.io (dba Every), the first company that enables tech founders to set up an entire back office in one place, announced today a $22.5M Series A led by Redpoint Ventures with participation from Y Combinator, Okta Ventures, and Base10 Partners. The company will use this fresh round of capital to add more products to its back office suite, including the first free incorporation solution in the market that will enable founders to set up a corporate entity and instantly have the entire back office setup completed with the click of a button.
Every’s mission is to reduce the time founders spend setting up and running their back office. Rajeev Behera, the company’s CEO, previously raised over $100M for his last venture-backed company where he experienced many frustrations managing back office operations.
“Most founders have no experience in HR or Finance, so it is very intimidating for them to set up core systems such as Payroll, HR, Banking, Finance, and Taxes,” said Behera. “They need a partner who takes them through each step and makes sure that their company is set up compliantly, so they can focus their time on finding product market fit and serving customers.”
The company will use the funds to add more products to their back office suite, including the first free incorporation solution in the market that will enable founders to set up a corporate entity, and instantly have their entire back office set up with the click of a button.
“Every is the back office solution I wish I had when I ran my first company. Using a bunch of point solutions left me with a ton of unexpected shadow work like state registrations, unemployment filings, etc.," said Peter Park, Co-CEO of Alchemy. "The integrated suite of HR, Payroll, Finance, and Banking are streamlined so founders can operate their startups without distractions.”
In the last year, the company has grown to over 150 customers. 78% of customers use the entire integrated back office business suite.
"Every empowers founders to streamline administrative tasks through an integrated data model that spans multiple finance and HR workflows. This holistic approach allows them to concentrate on their core business activities rather than getting bogged down with back-office systems and compliance," says Alex Bard, Managing Director at Redpoint Ventures. "The true strength lies in Every's all-in-one platform, which seamlessly combines essential back-office functions such as Banking, Payroll, HR, Bookkeeping, and Taxes. This integration is pivotal for capturing and leading the market."
“HR, finance, and payroll back office ops can be particularly challenging early on for startups, but these functions are both critical and important to the foundation of any business. With Every, founders now have a solution that can get them back to focusing on their customers and product, and automate everything else,” noted Rexhi Dollaku, General Partner at Base10 Partners, which led Every’s seed round back in 2021. “We are honored to be continuing our partnership with Rajeev and the entire Every team.”
To get in touch with the Every team, reach out at info@every.io.
*Every is not a bank. Banking services provided by Thread Bank, Member FDIC. The Every Visa Business Debit Card is issued by Thread Bank, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted.
For Every customers with deposit accounts on Thread Bank, your deposits qualify for up to a maximum of $2,500,000 in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at go.thread.bank/sweepdisclosure and a list of program banks at go.thread.bank/programbanks. Please contact customerservice@thread.bank with questions on the sweep program.”
**Terms and conditions apply to the Cashback rewards program. Cashback earned will be credited to your account daily. ATM transactions, the purchase of money orders or cash equivalents, and account funding made with your debit card are not eligible for Cashback. Please refer to the Rewards Terms and Conditions for more details. No minimum opening deposit or minimum balance required.
***Your deposits qualify for up to $3,000,000 in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://go.thread.bank/sweepdisclosure and a list of program banks at https://go.thread.bank/programbanks. Please contact customerservice@thread.bank with questions regarding the sweep program.
[1]Yield is an annualized 4-week T-bill rate when held to maturity as of [08/21/24] [date must be within the last 7 days] . The rate shown is subject to price fluctuation and is net of fees. T-bills are purchased at a discount to par (par= $1,000), with the price being subject to market fluctuation. The amount of T-Bills available at a particular yield will depend upon the sellers’ offer size; any remaining cash balance after the purchase may not earn the same yield. In general the bond market is volatile, and fixed income securities carry interest rate risk. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income securities also carry other risks, including inflation risk, liquidity risk, call risk, and credit and default risks for both issuers and counterparties.
[2]Yield as of [08/21/24]. The SEC yield for a money market fund is calculated by annualizing its daily income distributions for the previous 7 days. You should consider the investment objectives, risks, charges, and expenses of a money market fund carefully before investing. This and other information is found in the fund’s prospectus. Please read the prospectus before investing. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. Yields fluctuate and past performance is no guarantee of future results.
[3] Atomic Invest LLC (“Atomic”), through a clearing relationship with Pershing LLC (“Pershing”) offers a cash sweep program. Funds in transit to or from Program Banks are generally not FDIC-insured. The Sweep Program is administered by Pershing, LLC. Deposits at each Program Bank are insured by the FDIC up to $250,000 for each insurable capacity. Based on eligibility criteria, the two FDIC-insured programs (“Bank Deposit Programs”) offered are 1) Dreyfus Insured Deposits (DIDI) and 2) Liquid Insured Deposits. Funds deposited into each sweep program, in aggregate, are eligible for up to $2,500,000 of FDIC insurance. The sweep programs can be configured so that once the funds reach one or more Program Banks (up to $250,000 for each insurable capacity at up to ten Program Banks), then the next Bank Deposit Program is initiated. Although certain types of accounts, such as trust accounts may be eligible for additional FDIC insurance based on the number of beneficiaries, funds will be allocated to each Program Bank in such a way that provides up to $250,000 of FDIC insurance for individual accounts and $250,000 of FDIC insurance for trust and other corporate account types, in each case per Program Bank. If clients elect to exclude one or more Program Banks from receiving deposits the amount of FDIC insurance available through the Atomic Invest account may be lower. Clients are responsible for monitoring their total assets at each Program Bank, including existing deposits held at Program Banks outside of the Atomic Invest account, to ensure FDIC insurance limits are not exceeded, which could result in some funds being uninsured. For more information on FDIC insurance please visit www.FDIC.gov. Deposits held in Program Banks are not protected by SIPC. For more information see Pershing’s Terms and Conditions and the Atomic Invest Form ADV Part 2A.
Every, Inc. has an engagement with Atomic Invest, LLC (“Atomic Invest”), an SEC-registered investment adviser, to bring you the opportunity to open an investment advisory account. Investment advisory services are provided by Atomic Invest. Companies which are engaged by Atomic Invest receive compensation of 0% to 0.85% annualized, payable monthly, based upon assets under management for each referred client who establishes an account with Atomic Invest (i.e., exact payment will differ). Atomic Invest also shares a percentage of compensation received from margin interest and free cash interest earned by customers with Every, Inc.. Every, Inc. is not a client of Atomic Invest, but our engagement with Atomic invest gives us an incentive to refer you to Atomic Invest instead of another investment adviser. This conflict of interest affects our ability to provide you with unbiased, objective information about the services of Atomic Invest. This could mean that the services of another investment adviser with whom we are not engaged could be more appropriate for you than Atomic invest. Neither Atomic Invest nor Atomic Brokerage, LLC (FINRA registered broker-dealer and member of SIPC), nor any of their affiliates is a bank. Investments in securities are Not FDIC insured, Not Bank Guaranteed, and May Lose Value. Investing involves risk, including the possible loss of principal.
Before investing, consider your investment objectives and the fees and expenses charged by Atomic Invest and/or Atomic Brokerage. Advisory services through Atomic Invest are designed to assist clients in achieving a favorable outcome in their investment portfolio. They are not intended to provide tax advice or financial planning with respect to every aspect of a client’s financial situation and do not include investments that clients may hold outside of Atomic Invest. For more details about Atomic Invest and/or Atomic Brokerage, please see the Form CRS, Form ADV Part 2A, the Privacy Policy, and other disclosures. Custodial and clearing services are provided to Atomic Invest and Atomic Brokerage by Pershing LLC.
