A Fresno-based company that makes accounting software for small-to-medium-sized nonprofit organizations has received $4 million in venture capital.
Aplos received the funding from San Joaquin Capital, a newly formed venture firm focused on supporting technology companies in the San Joaquin Valley.
In an announcement Tuesday, Aplos said it was the sole recipient of San Joaquin Capital’s Whitney Fund. That money came from investors based in the region.
Another $3.4 million was raised by an angel investor, so Aplos has total funding of $7.4 million.
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Aplos began in 2009 and has enjoyed strong growth since launching its cloud-based accounting products in 2011. After 18 months of sales, the firm had 10,000 organizations using its software. Last year it reached the 20,000 mark.
The software helps nonprofits prepare tax returns, process donations, and manage donor accounts. Aplos’ products meet the financial reporting needs of a nonprofit, but are tailored to smaller-sized entities, unlike other accounting tools that are geared toward larger nonprofits.
Tim Goetz, CEO and co-founder of Aplos, said the goal of the company is to make software that is easy to use and helps nonprofits operate efficiently. “Six years later, we still get fired up knowing that nonprofit administrators and financial executives in over 60 countries are using Aplos every day to support the causes that are important to them and their donors,” he said.
He joined two other Fresno natives in creating San Joaquin Capital as a way to attract investment from business leaders in the Central Valley. Randel Mathias is a managing partner of San Joaquin Capital.