- Crete Professionals Alliance secures strategic funding from Thrive Capital and Bessemer Venture Partners to add new partner firms and enhance tech capabilities, including AI.
- The Tampa-based accounting platform partners with firms nationwide, allowing them to maintain independence while accessing back-office resources and financial support.
- The funding will accelerate the alliance’s expansion plans and enable the utilization of technology to improve productivity and professional development.
- Thrive Capital and Bessemer Venture Partners commend Crete as a strategic partner for regional accounting firms seeking growth and technological advancement.
- Despite being less than a year old, Crete is projected to reach over $100 million in revenue by year-end, positioning it as a top 50 CPA and advisory firm with plans to become a top 25 firm in the next two to three years.
Crete Secures Funding for Growth
In exciting news for the accounting industry, Crete Professionals Alliance, a Tampa, FL-based accounting platform, announced on May 2, 2024, that it has secured strategic funding to fuel its expansion plans. The undisclosed amount of funding was raised in a round led by Thrive Capital and Bessemer Venture Partners. With this new capital infusion, Crete PA aims to bring more partner firms into its alliance and enhance its tech capabilities, including the utilization of artificial intelligence.
Empowering Partner Firms with Technology
Crete PA, established in 2023, offers an alternative to traditional exit options for accounting and professional services firm owners. By partnering with firms across the country, Crete PA allows them to retain their leadership, brand, and culture while accessing national back-office resources and financial support. The current roster of firm partners includes RRBB Accountants & Advisors, Mendonca & Partners CPAs, Skwiersky, Alpert & Bressler CPAs, AbitOs Accountants & Advisors, and Reid.
With the recent funding secured, Crete PA is set to accelerate its growth trajectory by onboarding more firms to its alliance. The investment will also enable the platform to leverage cutting-edge technology, particularly artificial intelligence, to enhance the productivity of partner firms and provide professional development opportunities for employees. Jake Sloane, co-founder of Crete PA, expressed confidence in the support of Thrive Capital and Bessemer Venture Partners, renowned investors with expertise in technology and innovation.
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Strategic Partnerships Driving Growth
Thrive Capital partner Kareem Zaki emphasized the strategic alignment between Crete PA and regional accounting firms, highlighting Crete as the ideal partner for those seeking growth in a rapidly evolving industry. By empowering independent accounting firms to preserve their unique local identity while embracing technological advancements, Crete aims to position itself as a catalyst for industry innovation.
Brian Feinstein, a partner at Bessemer Venture Partners, echoed this sentiment, praising Crete’s ability to provide scaled national resources to accounting firms while preserving their independence in brand, culture, and operations. The partnership with Thrive Capital and Bessemer Venture Partners signifies a significant milestone for Crete PA as it strives to become a top player in the CPA and advisory space.
Industry Recognition and Growth Projections
Despite being a newcomer in the accounting profession, Crete PA has made significant strides and is projected to achieve over $100 million in revenue by the end of the year. Allan Koltin, CEO of Koltin Consulting Group, lauded Crete’s strategic vision and growth trajectory, forecasting that the platform could rise to become a top 25 CPA firm within the next two to three years.
The collaboration with industry giants like Thrive Capital and Bessemer Venture Partners underscores Crete PA’s commitment to leveraging technology and strategic partnerships to drive growth and innovation in the accounting sector. With a focus on empowering partner firms with cutting-edge tech solutions and maintaining a culture of excellence, Crete PA is poised to make a lasting impact on the industry landscape.
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