BillShrink gets $8M to help you save money

BillShrink, a startup that advises users on ways to reduce their bills, has raised $8 million in a second round of venture funding.

Menlo Park, Calif.-based BillShrink was founded in 2007. It launched in April this year with a tool to help people find the cheapest cell phone plan for their needs. A month ago, it added a feature for finding the best credit card, too. As the economy pinches more and more budgets, it’s easy to see why this kind of service could become really popular.

As I said last month, I’m really interested to see what areas BillShrink tackles next, because small savings added up across several categories could make the service indispensable. In fact, the company says it already saves its average user more than $300 per year on their cell phone bill and more than $1,000 per year on their credit cards.

The new round was led by Trinity Ventures and Bessemer Venture Partners. BillShrink was initially incubated at Bessemer, and the venture firm also led the company’s $1 million first round.