I once lit a cigar with a $20 bill, the old joke goes. But it was a bill from the electric company, and I wasn’t planning on paying it anyway.
Billtrust, a company that delivers bills via e-mail, website, or even fax or paper, collected a big pile of the other kind of bills today: It has raised a $25 million second round of funding from Bain Capital, giving it a warchest for acquisitions of other companies as it seeks to increase market share and revenues.
I’m pretty sure that a lot of cigars are being lit today, and not with $20 bills.
The series B brings total investment in Billtrust to $30 million. The previous round of $5 million came from Edison Ventures more than five years ago. Since that time, Billtrust has grown tenfold — not a bad return on investment.
“As the world quickly moves from paper to electronic billing, there is incredible opportunity for an enterprise-focused service provider with the right balance of technology and customer-facing methodology to be a leader in this space,” said Matt Harris, a managing partner at Bain, in a canned statement. Harris will be joining the startup’s board.
Billtrust’s customers are large companies that need to send bills to their customers. The chief executive, Flint Lane, founded the company in 2001. It is based in Hamilton, New Jersey.