Canton, Ohio-based Patriot Software Co., an accounting software and payroll provider, announced Thursday (Oct. 28) raising an undisclosed amount in Series-A funding, led by Bentonville-based RZC Investments, the investment platform for Steuart and Tom Walton, grandsons of Walmart founder Sam Walton.
According to a news release, RZC Investments is the direct investment firm of Runway Group and is managed by Matthew Tarver and Don Huffner. RZC Investments provides long-term capital to high-growth businesses. Steuart and Tom Walton founded Runway Group in 2017.
“We’re excited about partnering with Mike Kappel and the team at Patriot Software,” Tarver said. “Investing in entrepreneurs, founders and disruptors is at the core of RZC, and we’re thrilled to invest in another fast-growing SaaS company like Patriot. We look for like-minded partners and business builders with an eye toward long-term value creation that align with our long-term, if not forever, hold periods — we found just that in Mike. Patriot’s software solution encompassing payroll, time and attendance, HRIS and accounting provides a unique product set to the backbone of the U.S. economy, the American small business, which we’re long on.”
Founded in 2002, Patriot Software self-funded its growth for many years, the release shows.
“Bringing in RZC attests to Patriot’s growth potential and leadership position in multiple industries,” said Patriot Software CEO Mike Kappel. “We already have award-winning accounting and payroll software that are best-of-class in the USA. We already have 10s of thousands of customers who love us. And now we have a financial partner that truly cares about our mission to make accounting and payroll fast, simple and affordable for millions of American businesses and their accountants.”
According to the release, Patriot Software is a spinoff from its former subsidiary, Top Echelon Software, and has raised millions in capital through private placement and regulation D stock offerings led by Mike Wheeler, president and chief legal officer of Patriot Software.
“Now that we’ve completed this Series A round with RZC, we are in a terrific position to scale with or without future follow-on rounds,” Wheeler said.
RZC Investments also has invested in AcreTrader, Rapha, Truewerk and Allied Cycle Works, according to its website.