Tesorio, an accounts receivable management platform, has announced a $17 million Series B round led by BAMCAP Ventures, a VC group formed by “accomplished” company builders and investors.
The investment round includes contributions from existing investors Madrona Venture Group, First Round Capital, Floodgate, FundersClub, Hillsven, Mango Capital, and Xplorer Capital, plus new investors Susan and Anne Wojcicki and Carao Ventures.
New board members “include Jim Sheward from BAMCAP (former CEO of Fiberlink acquired by IBM), Rob Hull (founder of Adaptive Insights acquired by Workday), and Scott Torrey who joins as Executive Chairman (former CEO of Payscale & CRO of SAP Concur).”
The funding “follows a third consecutive year of triple-digit revenue growth. Tesorio enables its customers to turn their revenue into cash.” In a changing world of rising inflation and higher interest rates where cash is king, its platform is even “more critical since teams need a solution that has an impact in days, not months.”
To capitalize on this opportunity, Tesorio is “focusing this round on expansion of Go-to-Market efforts with new leadership that includes Chief Sales Officer Mark Bartlett, who brings 20+ years of sales experience from Concur, BlackLine, SAP and Navis, and VP of Marketing George Coughlin, with 20+ years of marketing experience from Adaptive Insights and Intuit.”
Today, companies “manage over [$23Bn] in invoices a year with Tesorio. A/R teams at companies like Slack, Box, Veeva Systems, Twilio, and Domo trust Tesorio to connect to their ERP and CRM in minutes, get live in five days, and trained in 30 days.”
They see ROI within two months “as their collections productivity doubles, Days Sales Outstanding drops by up to 33 days, and cash forecasting accuracy improves.” Tesorio’s Platform “includes collections automation, a comprehensive collections dashboard, customizable dunning, dynamic workspace functionality, and streamlined payments.”
Tesorio’s CEO & Co-Founder Carlos R. Vega said:
“Our customers say, ‘revenue isn’t real until it gets paid.’ We make capital-efficient growth a reality, which is now more important than ever. This round gives us the leadership and backing to take our A/R product customers love and become the leading cash flow performance platform for mid-market accounting teams.”
Jim Sheward, Partner at BAMCAP Ventures, said:
“Having the right tools in place is a critical first step for any accounting and finance team to unlock all the cash sitting in their receivables. We were drawn to Tesorio by its product traction, customer-first mindset, and how critical this platform is even in a down cycle when capital is more valuable.”
Tesorio is also announcing two new products “called A/R Forecast and Cash Application. A/R Forecast is the single place for predicting, planning, and reporting on A/R cash inflows.” Cash Application “enables teams to streamline recording of payments and invoice clearing so they can better focus on strategic accounts.”
Sarah McCauley, Director of Billing & Accounts Receivable at GitLab, stated:
“Since I received early access, I’ve used Tesorio AR Forecasting on a daily basis. I like being able to drive reporting enablement and not having to manually build out forecasts for each week by agent. Tesorio empowers my team to get the information they need without spreadsheets and my managers love the on demand reporting,”
As noted in the update, Tesorio claims it is “revolutionizing the way B2B businesses manage their Accounts Receivables.”
Tesorio’s Accounts Receivable platform “replaces tedious and manual collections processes with accurate, real-time predictions, optimized workflows, and actionable insights based on behavioral trends.”
Accounting teams are empowered “to achieve breakthrough cash flow performance and predictability while improving customer experience and relationships.”