Billtrust receives $4m financing
17 October 2006 | 972 views | 0
Billtrust, the leading provider of outsourced billing services, today announced that it has closed a $4 million round of venture capital investment provided by Edison Venture Fund.
Launched in 2001, Billtrust has grown rapidly to become a premier provider of billing services to companies throughout the United States. This investment will be used to enhance its innovative paper and electronic billing solutions while investing in its sales, marketing and customer service departments.
More than 150 companies rely on Billtrust's CompleteBilling Service to send their bills both through the mail and electronically via hosted web, email, and fax solutions. Billtrust clients typically save 20%-35% on their cost of billing immediately; with savings growing as Billtrust helps clients migrate to advanced electronic delivery.
"With triple digit growth each of the last four years, we decided the time was right to seek outside capital," said Flint Lane, CEO of Billtrust. "This financing will help us bring our message to a wider audience."
Edison Venture Fund, with $450 million under management, has deep experience in financial technology companies like Billtrust, having invested in twenty-two such companies. Chris Sugden, an Edison Partner will join Billtrust's Board of Directors. "Management is achieving impressive growth rates with a unique and capital efficient business model," stated Chris Sugden. "We like to invest in experienced management teams with a deep understanding of their industry and Billtrust fits this profile perfectly."