DECEMBER 3 202

Published in the Australian Financial Review

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Accounting automation technology start-up Amaka has banked $5 million in a round led by Upswell Ventures and Jelix Ventures.

Founded by Pedram Afshar, Pouyan Afshar and Martin Chee, the company helps accountants, bookkeepers and business owners automate data entr

Its software enables accounting platforms to connect with the systems businesses and consumers use every day, such as Shopify, Lightspeed, Vend and Dash.

It also enabled the integration of Xero with Square - or as it’s now known, Block.

Amaka CEO Pedram Afshar said the company had been growing strongly through the pandemic.

“Through our partnership and merchant first approach, we have achieved over 20 times growth during the pandemic,” Afshar said.

“We have over 24,000 merchants on the platform and expect our growth to accelerate as we double down on our strategy.”

The round follows two seed rounds and a pre-seed raise by the company. Go1 and Kasada backer Our Innovation Fund is an existing investor.

“We see Amaka as the centre of major technology waves, namely cloud-based e-commerce, point of sale, and cloud accounting,” Jelix partner Alon Greenspan said.