Black-led Base 10 is one of several venture capital firms to invest $9.5 million in Every.io, an all-in-one back-office stack for startups.

Founders Adeyemi Ajao, a managing partner from Spain and Nigeria, and TJ Nahigian joined Y Combinator, Formus Capital and Rex Salisbury’s Cambrian Ventures in the investment.

“We are thrilled to lead this seed funding round and are excited how Every is leveraging AI to reimagine the full back office stack to simplify complex workflows so they are more founder friendly,” said Rexhi Dollaku, general partner at Base10 Partners. “We look forward to partnering with Every as they continue to save founders hundreds of hours managing finance and HR.”

Base10 is a San Francisco-based venture capital fund that invests in companies automating real economy sectors, including transportation, healthcare, retail, logistics, and construction. The Advancement Initiative, Base10’s growth-stage fund, donates 50 per cent of its profits to HBCUs. Companies in its portfolio include Notion, Figma, Nubank, Nowports, Motive, Chili Piper, and Popmenu.

Every provides bank accounts, corporate cards, bill payments, corporate treasury, HR, payroll, benefits, accounting, and taxes on one platform, allowing founders to save time and money.

Following their successful launch in YC’s S23 batch, Every hit $1 million in ARR (annual recurring revenue) in six months and grew to 75 customers. The company was founded by serial entrepreneur Rajeev Behera, who raised $100 million for his last venture, Reflektive, in the HR B2B SaaS space, scaling it to 250 employees.

“When I started my last company, I made a lot of costly errors setting up my back office. Founders just want to focus on building. They don’t have time to learn complex subjects like payroll, taxes and accounting,” Behera said.

Every’s AI automates workflows across its highly integrated product suite. The company says its in-house general ledger sits across banking, payroll and treasury, allowing the Bookkeeper AI to seamlessly pull and automatically categorize transaction data, delivering bookkeeping at 50 per cent of the cost of competitors.

“We had some complicated situations with paying our contractors, and Every handled them super well. We were literally set up within an hour for contractors and within a day for W2 payroll,” said George Wang, co-founder and CEO at Stellar Sleep (YC S23).