Ceterus, a financial technology firm based in the Half Mile North development on the Upper Peninsula of Charleston, raised $10 million in venture capital from a Series B funding round.
Birmingham, Ala.-based Harbert Growth Partners led the round with participation from previous investors TechOperators of Atlanta, GroTech Ventures of Vienna, Va., Idea Fund Partners of Raleigh and Alerion Ventures of Charleston, the company said in a news release.
Ceterus’ software streamlines accounting services for business owners. The company, founded in 2008, has raised $20.2 million since 2016, including $4.2 million raised during a Series A funding round that closed in May.
Ceterus said it plans to use its latest funding round to continue development of its automated accounting and reporting platform, Ceterus Edge. One example of the improvements will be simplifying the platform for business owners with multiple locations or businesses. The funding will also go toward hiring software engineers and accountants in Charleston.
“The future of accounting will be automated, continual and will provide entrepreneurs forward-looking insights, not just a record of the past,” Ceterus founder and CEO Levi Morehouse said in the release. “Our team is excited to put this capital to work and continue to build this future.”