Blue Onion, a subledger used by several prominent brands, including Supergoop!, BarkBox, and a.k.a has announced that they raised $10 million in a Series A funding. This brings the company’s total funding to $17.6 million and includes participation from existing investors Y Combinator, Entrée Capital, Green Visor, and Vinyl Capital.
Blue Onion is the only subledger designed to provide retailers with accurate financial data, optimizing operations and automating accounting workflows. It makes use of an AI-powered algorithm that makes it easy to match orders, payments, and cash receipts—helping businesses save time, minimize errors, and simplify financial management.
With over $30 billion in transactions reconciled, their AI platform identifies discrepancies and delivers the clean financial data CFOs need to make critical business decisions, faster.
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Blue Onion was founded in 2020 by co-founders and CEO Lyndsey Bunting, CTO Charley McMillian, and Chief Data Scientist Manav Malhotra. As the vice president of finance at Birchbox, Bunting had seen firsthand how challenging it was for accounting teams to obtain clean and accurate financial data. Malhotra comes from a data science background, and used to be vice president of data science at SingleCare while McMillian is a software engineer who’s worked at Spotify and Microsoft among other companies.
“We believe that there’s a better way to process financial data,” Bunting said, adding “Blue Onion takes on this responsibility, providing finance teams with an automated, accurate financial data source from the outset—eliminating the need to choose between speed and accuracy.”
Blue Onion plans to make use of this funding to launch new AI-driven features to expand integrations, support more financial accounts, enhance customization, and refine automation for precise and effortless bookings. They are also planning on investing in building a strong community through strategic partnerships, events, and customer education. Each of these initiatives is focused on automating workflows and ensuring accurate financial data across a wider range of accounts.