Chargezoom, a leading AI-powered billing and integrated payments platform, has announced it raised $11.5m in a Series A funding round led by Salt Lake City-based Kickstart Fund.
The funding marks Chargezoom’s strategic entry into Utah’s thriving tech ecosystem, supported by Kickstart Fund, a prominent early-stage venture capital firm.
New investors in this round include Motley Fool Ventures, Early Light Ventures, Frazier VC, and Adly, with continued participation from SaaS Venture Capital, Stout Street Capital, and Okapi Venture Capital.
Chargezoom simplifies accounts receivable (AR) processes for businesses by leveraging artificial intelligence and machine learning to automate invoicing, payments, and cash flow. Its platform eliminates manual work, enabling businesses to focus on growth while improving financial health and streamlining operations.
The company intends to use the fresh capital to accelerate its rapid expansion and further enhance its platform capabilities.
Chargezoom’s growth has been substantial since its $2m Seed round in July 2021, which laid the foundation for its platform. The company has since reported an impressive growth rate of 3,972%, driven by increased demand for automated AR solutions among U.S. businesses.
Chargezoom founder and CEO Matt Dubois said, “We’re thrilled to be building Chargezoom right here in Utah. Not only does this validate our vision and provide critical resources, we’re getting an unbeatable strategic partner in Alex Soffe and the team at Kickstart.”
Alex Soffe of Kickstart Fund added, “Chargezoom is leveraging AI and machine learning to solve crucial needs in the payment space that we’re not seeing anywhere else. We’re excited to support their mission to automate AR for growing businesses.”
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