Tesorio, a platform for managing receivables based in San Francisco, has secured $17 million in a Series B investment led by BAMCAP Vent.
Madrona Venture Group, First Round Capital, Floodgate, FundersClub, Hillsven, Mango Capital, and Xplorer Capital, as well as new investors Susan and Anne Wojcicki and Carao Ventures, participated in the round. With the addition of fresh funds, Tesorio has now raised $37.6 million in total.
Tesorio claims that the funds would be used for growth and more executive hires, such as the new chief sales officer Mark Bartlett, who has over 20 years of expertise from positions at Concur, Blackline, SAP, and Navis.
Tesorio, a company that was founded in 2015, uses its platform to assist B2B companies in managing their accounts receivable by “replacing laborious and manual collection processes with precise real-time predictions, optimised workflows, and actionable insights based on behavioural trends.”
Tesorio asserts that it manages over $23 billion in invoices annually on behalf of customers including Slack, Box, Veeva Systems, Domo, and Twilio.
“We make capital-efficient growth a reality, which is now more important than ever,” says Carlos Vega, Tesorio’s CEO and co-founder.
Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.