Cash flow optimisation platform Tesorio has collected $10m in its Series A led by Madrona Ventures Group.
Existing Tesorio backers also made commitments to the series, including First Round Capital, Floodgate, Y Combinator, Fathom Capital, and Fuel Capital.
Together with this, the company has revealed its cash flow performance platform which helps finance teams with AI-driven insights to manage, predict, and collect cash.
Its cash flow performance platform leverages machine learning to key financial data to help clients with accounts receivable automation. Services include smart workflow tools, predicted pay dates, and automated collections forecasting.
Sales, customer experience and audit teams also use the cash insights to put better perspective into consumer health. The company grew revenue by 4-times year-over-year in 2018.
Tesorio Co-Founder and CEO Carlos Vega said, “Access to capital and strong free cash flow generation are among the biggest determinants of a company’s ability to grow. It also affords management the freedom to optimize for long-term growth and innovation.
“Research backs this up, showing that companies that optimize the performance of their cash flow grow faster driving up stock prices and company valuations. With insights from our customers, we’ve built a platform that finance teams use daily as the main tool to do their work.”
In conjunction with the investment, Madrona Venture Group managing director Hope Cochran will join the Tesorio board of directors.
Copyright © 2019 FinTech Global