Total amount raised
$1.5 Billions
Latest funding date
12/01/2024
Location
BILL has successfully raised $1.2 billion in its most recent funding round, which was a Post-IPO Debt event. The company is backed by a diverse group of 24 investors, including notable names like Kayne Anderson Rudnick and Franklin Templeton.
Keep reading to explore the intricacies of BILL's fundraising journey and the investors backing this innovative financial operations platform.
What Is BILL?
BILL, founded on August 1, 2006, is a financial technology company based in San Jose, California. The company was established by Rene Lecerte and René Lacerte.
Specializing in financial automation software, BILL serves small and midsize businesses by streamlining payables, receivables, and expense management. With a workforce of 1001-5000 employees, BILL connects businesses to a vast network, enhancing financial workflows and enabling faster payments.
How Much Funding Has BILL Raised?
- Funding Round: Series B
- Amount Raised: $8.5M
- Date: August 2009
- Lead Investors: DCM Ventures, Emergence Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand its market reach and enhance its financial automation software.
- Funding Round: Series C
- Amount Raised: $8.5M
- Date: June 2010
- Lead Investors: Icon Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop its technology and scale operations.
- Funding Round: Series D
- Amount Raised: $15.5M
- Date: December 2011
- Lead Investors: Financial Partners Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand its customer base.
- Funding Round: Series E
- Amount Raised: $38M
- Date: November 2013
- Lead Investors: Scale Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and increase market penetration.
- Funding Round: Series F
- Amount Raised: $30M
- Date: February 2015
- Lead Investors: Bank of America, Scale Venture Partners, Silicon Valley Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support product development and strategic partnerships.
- Funding Round: Series G
- Amount Raised: $82.5M
- Date: October 2017
- Lead Investors: JP Morgan, Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand globally and invest in new technologies.
- Funding Round: Series H
- Amount Raised: $88.1M
- Date: April 2019
- Lead Investors: Franklin Templeton
- Valuation at Round: More than $1 billion
- Motivation Behind the Round: To capitalize on investor interest in the SMB market and enhance digital payment solutions.
- Funding Round: Post-IPO Debt
- Amount Raised: $1.2B
- Date: December 2024
- Lead Investors: Kayne Anderson Rudnick, Franklin Templeton
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth, manage debt, and invest in new projects and technologies.
Total Amount Raised: $1.46B. Current Valuation: More than $1 billion.
Key Investors
- Kayne Anderson Rudnick (KAR)
- Details: Kayne Anderson Rudnick is an investment management firm specializing in high-quality, small-cap, and mid-cap equity portfolios. The firm is known for its disciplined investment approach and long-term focus.
- Investment Focus Areas: Small-cap equities, mid-cap equities, high-quality companies.
- Notable Investments: Not publicly disclosed.
- Franklin Templeton
- Details: Franklin Templeton is a global investment management organization known for its expertise in mutual funds and other investment products. The firm manages assets for individuals, institutions, pension plans, trusts, and partnerships.
- Investment Focus Areas: Mutual funds, ETFs, fixed income.
- Notable Investments: Not publicly disclosed.
- Mastercard
- Details: Mastercard is a multinational financial services corporation known for its credit card and payment processing services. The company provides technology solutions to make payments safer, simpler, and smarter.
- Investment Focus Areas: Payment processing, financial services, technology solutions.
- Notable Investments: Not publicly disclosed.
- Temasek
- Details: Temasek is a Singaporean holding company with a diverse investment portfolio across various sectors and geographies. The firm is known for its long-term investment horizon and focus on sustainable growth.
- Investment Focus Areas: Financial services, telecommunications, technology.
- Notable Investments: Alibaba, DBS Bank, Singapore Airlines.
- Fidelity Investments Canada ULC
- Details: Fidelity Investments Canada ULC is a subsidiary of Fidelity Investments, providing investment management services in Canada. The firm offers a range of mutual funds, ETFs, and retirement planning services.
- Investment Focus Areas: Mutual funds, retirement planning, investment management.
- Notable Investments: Not publicly disclosed.
What's Next for BILL?
As BILL looks to the future, the company is poised to capitalize on the growing trend of digital payments and financial automation for small and medium-sized businesses. With a strategic partnership with Mastercard, BILL aims to offer virtual cards, enhancing its accounts payable services. This move aligns with the broader industry shift from paper checks to digital payments, presenting a significant growth opportunity.
Given the substantial size of the B2B payments market, BILL's potential for future fundraising remains strong. The company manages over $60 billion annually, and with more than $58 trillion in B2B payments still made via paper checks, the opportunity for digital transformation is immense. Investors are likely to continue showing interest, providing BILL with the capital needed to expand its offerings and market reach.
However, BILL will face challenges, including competition from other fintech companies and traditional financial services firms. Additionally, targeting small businesses, many of which struggle to survive, adds an element of risk. Continuous innovation and staying ahead of technological advancements will be crucial for BILL to maintain its competitive edge.
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