Firm Management
Crete Secures Funding to Bring Aboard New Partner Firms, Grow Tech Capabilities
Crete Professionals Alliance will use the undisclosed amount of funding to add firms to its platform, as well as leverage technology, such as AI.
May. 06, 2024
Tampa, FL-based accounting platform Crete Professionals Alliance said May 2 it has raised strategic capital in a round led by Thrive Capital and Bessemer Venture Partners.
The amount of capital raised wasn’t disclosed.
Established in 2023 to provide an alternative to the traditional exit options for accounting and professional services firm owners, Crete PA partners with firms across the country, keeping their leadership, brand, and culture independent while providing access to its national back-office resources and financial backing.
Its current firm partners include RRBB Accountants & Advisors; Mendonca & Partners CPAs; Skwiersky, Alpert & Bressler CPAs; AbitOs Accountants & Advisors; and Reid.
Crete PA said this funding will be used to accelerate its plans to bring more firms into its alliance, as well as leverage technology, such as artificial intelligence.
“Thrive and Bessemer both have proven track records as investors and innovators in fast-evolving technology, including artificial intelligence and vertical software,” Jake Sloane, Crete PA co-founder Jake Sloane, said in a statement. “With their support, we believe we’re uniquely positioned to utilize technology to enhance the productivity of our partner firms and our employees’ professional development and opportunities while maintaining our commitment to delivering excellent client service.”
Thrive Capital partner Kareem Zaki called Crete “the perfect strategic partner” for regional accounting firms working to grow in a rapidly evolving industry.
“Thrive is thrilled to partner with Crete to empower independent accounting firms to keep what makes them special locally, while helping them expand their capabilities to take advantage of the new technological breakthroughs built for accounting,” Zaki said.
Brian Feinstein, a partner at Bessemer Venture Partners, added, “We’re excited about Crete’s ability to provide the resources of a scaled national platform to accounting firms while maintaining their independence in brand, culture, and day-to-day operations. While many firms are talking about this industry’s rapidly evolving technology, Crete is acting on it, and we’re excited to support them in that mission.”
Despite Crete only being active in the accounting profession for less than a year, the firm will have more than $100 million in revenue by year end, which would make them a top 50 CPA and advisory firm, said Allan Koltin, CEO of Koltin Consulting Group, who has advised Crete Professionals Alliance on various strategic and growth initiatives.
“Their strategic and capital partnership with Thrive Capital and Bessemer Venture Partners will allow them to grow into a top 25 CPA firm over the next two to three years,” he said in an email to CPA Practice Advisor.