Investing in Every
As early supporters, we are thrilled to announce participating in Every’s Series A round led by Redpoint Ventures.
At the heart of Every’s mission lies their obsession to free founders from the burdens of back-office tasks, allowing founders to focus on what they love: building & growing their businesses. Some of the greatest companies in history were built by people seeking solutions to their own challenges. This is also the case for Rajeev Behera, who encountered the complexities of back-office operations firsthand, as he scaled his previous venture, Reflektive, to 250 employees after raising $100m in VC financing. Despite being experts in their respective fields, early on- most founders lack the expertise to navigate intricate subjects such as payroll, taxes & accounting. His experience ignited Rajeev to create Every, a platform designed to empower founders by seamlessly managing all back-office functions, including banking & finance, payroll & HR and accounting & taxes.
From the moment a company is incorporated, efficient and reliable banking solutions are essential to move money around. As soon as employees are hired, managing payroll and offering HR benefits become critical. As the businesses generate revenues and incur expenses, proper accounting and compliance with state & federal taxes are mandatory. Traditionally, these needs have been addressed through disparate point-solutions. However, Every is designed for making the life of founders easier and is changing the game by bringing all back-office requirements under one holistic platform.
Every provides a range of financial services, including FDIC-insured checking & money-market accounts, 100% U.S. Government-backed treasury accounts, as well as corporate cards & bill pay features. For accounting purposes, Every categorizes transactions using AI, while offering dedicated bookkeepers to ensure compliance and accuracy. Every files annual corporate income taxes, R&D tax credits, Delaware Franchise Taxes and 1099-NECs on behalf of their customers. Additionally, Every helps with HR onboarding, runs payroll & handles tax filings in 50 states, and offers modern HR benefits, along with dedicated HR consultants for any issues and help needed.
What we think truly sets Every apart is not only having HR, Finance & Accounting stacks combined under one roof to streamline operations, but also providing excellent customer success and support – services that are often lacking in point-solutions targeting SMBs. We’re in an era, where there’s a race to automate every possible workflow with AI, making the maintenance of human connection vital. Every has a state-of-the-art platform & leverages AI to automate administrative, payroll & accounting workflows as necessary. However, they also prioritize providing personalized support to founders and customers, ensuring that the invaluable human touch is never lost.
At Formus Capital, we’re big believers in the automation of enterprise workflows by software & AI, but we also understand and value the need for human connection in business. We believe Every is a great example of a business combining the best of both worlds, and we’re excited to be a part of their journey as early investors and doubling down in their Series A too!
