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Bill.com, a company that helps simplify how small businesses send and pay bills, today announced it has secured a third round of funding for $8.5 million. The funding will be used to continue product development and promote marketing and sales.
Executives at the startup, which formerly presented at the DEMO conference, claim that a majority of businesses are still issuing paper invoices and mailing paper checks. The company’s online service helps to automate and organize this process online in an effort to save time and resources. Paperless billing, document scanning and easy online access to financial information are all available.
The Palo Alto, Calif.-based company, founded in 2006 as CashView, is claiming its recurring revenues, total number of customers, and unique paid vendors all grew ninefold in 2009, but did not offer specific figures. (As always, such unquantified growth statistics from startups should be viewed with skepticism, as it’s easy to show strong growth off of a small base.)
There are several other companies in the space offering paperless options and billing management, including iPayables or Xign. Intuit’s QuickBooks software has a large penetration among small businesses, and has a broad range of invoicing and bill-payment solutions. But Bill.com views paper as its real competition.
Bill.com has raised several rounds of funding, including a second round of $8.5 million from August Capital and DCM in August of 2009. This latest fundraising brings its total funding to $20 million. The new round was led by Jafco Ventures with existing investors DCM, Emergence Capital and August Capital.
Nick Sturiale, general partner at Jafco Ventures, will join the Bill.com board of directors.