Tesorio, an accounts receivable management platform, has scored $17m in its Series B funding round, which was led by BAMCAP Ventures.
Other commitments came from existing investors Madrona Venture Group, First Round Capital, Floodgate, FundersClub, Hillsven, Mango Capital and Xplorer Capital. Susan and Anne Wojcicki and Carao Ventures also joined the round, making their first investments into Tesorio.
With the funds, the company hopes to expand its go-to-market efforts with new leadership staff. One of these is its new chief sales officer Mark Bartlett, who has over 20 years sales experience at Concur, BlackLine, SAP and Navis.
This investment comes after a third consecutive year of triple-digit revenue growth. It claims that companies manage over $23bn in invoices a year with Tesorio.
The company enables customers to turn their revenue into cash. Accounts receivable teams at companies like Slack, Box, Veeva Systems, Twilio and Domo leverage Tesorio to connect to their ERP and CRM in minutes.
Tesorio’s platform offers collection automation, a comprehensive collections dashboard, customisable dunning, dynamic workplace functionality and streamlined payments.
The company announced two new products. A/R Forecast and Cash Application. A/R Forecast is the single place for predicting, planning, and reporting on A/R cash inflows.
Cash Application enables teams to streamline recording of payments and invoice clearing so they can better focus on strategic accounts.
As part of the investment, BAMCAP partner Jim Sheward and Adaptive Insights founder Rob Hull have joined the company’s board of directors. Additionally, former Payscale CEO Scott Torrey joined the board as executive chairman.
Sheward said, “Having the right tools in place is a critical first step for any accounting and finance team to unlock all the cash sitting in their receivables. We were drawn to Tesorio by its product traction, customer-first mindset, and how critical this platform is even in a down cycle when capital is more valuable.â€
Earlier in the year, Gaviti, a FinTech that helps firms recoup outstanding receivables through its automated platform, closed a Series A round on $9m.
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