Expense reporting and invoice management solution Chrome River Technologies has reportedly received $35m in a new funding round.
Previous investors Argentum Group, Bain Capital, First Analysis, and Great Hill Partners took part in this investment round, according to various reports in the media.
The company helps to automate and simplify expense reporting and invoice processing workflows, with its solutions designed to be configured to fit in with any organisation. The solution can also help with auditing tasks by providing a secondary review, and Chrome River also provides businesses with real-time analytics.
A range of industries are utilising Chrome’s solution including the education, legal, retail, sports, and healthcare sectors, among others.
Chrome River hopes to use part of the capital to help with potential acquisitions, the articles state.
This new capital injection, brings Chrome River’s total funding efforts to around $150m, with the company’s last funding round coming in 2015 when it raised $100m in a Series D. The equity was supplied by Great Hill Partners, and with the hope to accelerate its global growth and support product innovation.
Late last year, Bain Capital led the $43m Series C funding round in to mobile payments solution Passport. The company hopes the capital boost will help it to expand its global reach and the development of its solution.
Recently, fellow expense solution MobileXpense closed its own funding round, with it securing €20m Fortino, which is the first investment from its new fund.
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