Tampa, Fla.-based Crete Professionals Alliance announced that it has raised strategic capital in a round led by Thrive Capital and Bessemer Venture Partners.
With this infusion of capital, Crete PA will be able to accelerate its plans to bring more firms into its alliance, while helping the firms enable and scale technology, including leveraging artificial intelligence.
“Thrive and Bessemer both have proven track records as investors and innovators in fast-evolving technology, including artificial intelligence and vertical software,” said Jake Sloane, co-founder of Crete PA. “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.”
Crete PA partners with firms across the country to complement their strengths and support future growth while providing access to its national back-office resources and financial backing. Crete makes investments in the non-attest businesses of accounting firms, all of which adopt an alternative practice structure.
“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,” said Kareem Zaki, partner of Thrive Capital.
“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,” said Brian Feinstein, partner at Bessemer Venture Partners.
Historically, independent accounting firms have faced two options: remain independent with more limited resources or merge upstream and dissolve their identity. Crete PA’s partnership model preserves local autonomy and culture while tapping into national platform capabilities and cutting-edge technology solutions. Back-office services include dedicated recruiting, finance, accounting and business analytics, legal and compliance, insurance and benefits, enhanced technology, and growth operations.
Allan D. Koltin, CEO of Koltin Consulting Group, who has advised Crete Professionals Alliance on various strategic and growth initiatives, commented, “Crete has only been active in the accounting profession for less than a year and they will be over $100 million in revenues by year end. That would make them a top 50 CPA and advisory firm in the profession. 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.”
