Bill.com, the leading service that automates and simplifies bill management and payment processes for small and midsized businesses (SMBs) and CPA firms, today announced that it has completed a Series C financing, netting the company $8.5 million in additional capital.
The new round was led by Jafco Ventures and included participation from existing venture capitalists DCM, Emergence Capital and August Capital. As part of this financing, Nick Sturiale, general partner at Jafco Ventures, has joined the Bill.com board of directors.
Bill.com has now raised over $25 million during difficult economic times as it pursues its vision of end-to-end paperless bill management and payment to the millions of SMBs who predominantly still pay bills by hand. While over 70% of consumer bills are paid online only a fraction of that is true for businesses. Businesses are still shuffling and filing paper and printing, signing and mailing paper checks.
"The Series C financing is an exciting development for Bill.com and its customers," said founder and CEO Rene Lacerte. "Having raised money last summer this was an opportunistic financing driven by our exceptional results over the last year. The additional capital will be used to accelerate our tremendous growth while continuing to build out what we think is a very unique solution for SMBs and CPA firms who need to drive more efficiency into their day-to-day financial tasks of paying vendors and getting paid."
"The only things certain in life are death, taxes and bills," said Sturiale. "Rene and his team are building an automated service so intelligent and convenient it causes customers to ask themselves, 'Why was I manually cutting checks all those years?'"
Bill.com has been on a torrid growth pace. Monthly recurring revenue, total number of customers and unique paid vendors all increased by over 800% in 2009. Meanwhile, SMBs managed over $500 million in bills last year using Bill.com, demonstrating the product's power, reliability and ease-of-use. Bill.com has won numerous industry awards, most recently including a 2010 Monarch Innovation Award from Barlow research, a 2009 Innovation Award from CPA Technology Advisors, and was named to the Red Herring Global 100. Last month Bill.com announced that its application has been added to the Google Apps Marketplace, so users can access Bill.com directly from Google Apps.
Nick Sturiale has over 20 years' experience in the technology industry as both a venture capitalist and an entrepreneur. He has been with three start-ups in product and marketing roles and has developed great insights regarding how best to scale early-stage companies. His past investments include XenSource, which was acquired for $500 million. Sturiale also serves on the boards of Splunk and YouSendIt.