Invoice payments platform Virteo has grabbed €2.2m in a new round of financing.
The capital for the Belgium-based startup was led by local investor ParticipatieMaatschappij Vlaanderen (PMV), which contributed half of the total funding.
Sherpa Invest and the Ark Angels Activator Fund (AAAF) each contributed a quarter of the end sum.
The company’s invoice management platform hosts clients with unpaid invoices on one side and bailiff and lawyers on the other.
The lawyers, bailiffs and other service providers on the platform are selected automatically by the system using parameters set by clients.
Company CEO Karel Vanderheyden said, “In Belgium half of all invoices are paid late and up to 3 per cent are never paid at all.
“For companies with large numbers of invoices, the process of follow-up and recovery is often labour-intensive and usually involves engaging various parties such as collection agencies, lawyers and bailiffs.â€
Virteo will use the capital to drive growth around its home market and expand the platform’s capabilities as it prepares to push into the rest of Europe.
The company says it will add four new employees to bring its team up to 17 with plans for another 10 vacancies next year.
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