The round was led by investor Northern Trust, along with Amerindo Investment Advisors, Presidio Venture Partners and RSA Ventures. He said the latest round will help myCFO hit profitability by the end of this year. The company is growing rapidly, Shaw said. With that in mind, Clark hired Harvey Armstrong, previously managing partner at KPMG San Jose, to take care of his finances and those of other leading entrepreneurs. John Chambers, CEO of Cisco Systems, was the second client.
Some competitors express skepticism that myCFO is offering anything new.
He said he can't understand how the company can become profitable, considering the massive amounts of money being pumped into it. Our relationships go back 25 years,'' he says, referring to many of his 200 clients.