Synders co-founders Michael Astreiko (Synders) and Ilya Kishel (Y Combinator) are wrapping up their time there. They also announced their $2 million seed round from TMT Investments.
Although the round was already acquired prior to entering the accelerator program, the Belarusian-based couple wanted to wait before sharing the milestone. The new funding will help them attract more clients, visibility, and sales as they continue to focus on their next adventure of growth and expansion.
It claims to be an easy accounting platform that enables e-commerce companies to manage their finances. CloudBusiness was founded in 2016 as an accounting platform. It offers financial automation, management and business finance for small and medium-sized businesses.
Astreiko and Kisel founded Synder in 2018. A year later, they focused full-time on the company to create an easy way for commerce businesses to move to omnichannel sales. Astreiko said that this can be difficult due to the complexity and high fees of various payment systems.
Kisel stated that there are many solutions available on the market but you still need to be able to work in commerce or accounting. The simplicity of the system makes it worth it, if you have quick access to your consolidated inventory, profits, and liabilities. Sometimes small businesses don't share this information because of competition. However, if it is easy and works, they will most likely share it.
Synder connects sales channels such as Amazon, Shopify and eBay into one platform, which users can use to manage their orders with just one click. Kisel stated that it also helped with the accounting stream, allowing for all payment methods to be used.
Astreiko stated that the company already has 4,000 clients and is now looking to accelerate their expansion. However, the company will still need the right people to grow.
TMT Investments partner Igor Shoifot said he would join Synders board once the company graduates from YC. He enjoys the simplicity of the company's work.
He said that the most effective solutions are often simple, concise, and elegant. You can get onboard in less than 10 minutes. It is rare that anyone offers a similar solution or doesn't require you to download or install anything. Their focus on growth and the fact that they don't have any burn means they're making money.
The subscription SaaS model of Synders is a free trial model. Users can then purchase additional services within the platform to suit small and large businesses.
The company has more than 15 employees spread across Europe. It just began hiring in the U.S. for marketing and sales positions.
