Total amount raised
$315 Millions
Latest funding date
01/01/2021
Location
Billtrust has successfully raised significant funding over multiple rounds, culminating in its acquisition by EQT for $1.7 billion. The company specializes in AI-powered accounts receivable software solutions, streamlining the invoice-to-cash process for businesses.
With a diverse group of investors, including Capital Research and Management Company and Franklin Templeton, Billtrust continues to innovate in the financial technology sector. Keep reading to explore the intricacies of Billtrust's fundraising journey and the investors backing this innovative platform.
What Is Billtrust?
Billtrust, founded in 2001 by Flint Lane, is headquartered in Lawrenceville, New Jersey. The company operates in the Financial Services, FinTech, Payments, and Software industries, employing between 501 and 1000 people.
Specializing in AI-powered Accounts Receivable (AR) software solutions, Billtrust aims to simplify and automate the order-to-cash process. The company serves over 2,400 customers worldwide, enhancing cash flow and operational efficiency through its unified AR platform.
How Much Funding Has Billtrust Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2003
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish initial operations and develop the core product.
- Series A
- Amount Raised: $4M
- Date: October 2006
- Lead Investors: Edison Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and enhance product offerings.
- Series B
- Amount Raised: $25M
- Date: November 2012
- Lead Investors: Bain Capital Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and accelerate growth.
- Series C
- Amount Raised: $7M
- Date: July 2014
- Lead Investors: Bain Capital Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the product and enter new markets.
- Series D
- Amount Raised: $25M
- Date: April 2015
- Lead Investors: Goldman Sachs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support strategic growth and product innovation.
- Series E
- Amount Raised: $50M
- Date: May 2017
- Lead Investors: Riverwood Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the Quantum Payment Cycle Management solution and grow into adjacent markets.
- Secondary Market
- Amount Raised: $4M
- Date: January 2018
- Lead Investors: W Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Post-IPO Equity
- Amount Raised: $200M
- Date: January 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel further expansion and innovation post-IPO.
Total Amount Raised: $315M. Current Valuation: $1.7 billion.
Key Investors
- Capital Research and Management Company
- Details: Capital Research and Management Company is a global investment management firm known for its long-term investment strategies.
- Investment Focus Areas: Technology, healthcare, financial services
- Notable Investments: Amazon, Google, Microsoft
- Franklin Templeton
- Details: Franklin Templeton is a global investment management organization that offers mutual funds, retirement planning, and institutional investing.
- Investment Focus Areas: Technology, healthcare, financial services
- Notable Investments: Apple, Tesla, Alibaba
- Riverwood Capital Management
- Details: Riverwood Capital Management is a private equity firm that focuses on investing in high-growth technology and technology-enabled services companies.
- Investment Focus Areas: Technology, software, financial services
- Notable Investments: Globant, GoPro, Alog
- Goldman Sachs
- Details: Goldman Sachs is a leading global investment banking, securities, and investment management firm that provides a wide range of financial services.
- Investment Focus Areas: Financial services, technology, healthcare
- Notable Investments: Uber, Facebook, Spotify
- Bain Capital Ventures
- Details: Bain Capital Ventures is the venture capital division of Bain Capital, focusing on early to growth-stage investments in technology companies.
- Investment Focus Areas: Technology, software, healthcare
- Notable Investments: LinkedIn, DocuSign, SurveyMonkey
What's Next for Billtrust?
Billtrust is poised to capitalize on significant opportunities in the B2B payment cycle management sector. With a recent $50 million funding round, the company aims to expand its Quantum Payment Cycle Management solution and grow into adjacent markets. This expansion is expected to drive substantial growth, leveraging the increasing demand for automation in accounts receivable processes.
Future fundraising opportunities appear promising, especially with the involvement of Riverwood Capital Management and the addition of Francisco Alvarez-Demalde to the board. These strategic moves suggest potential for further investments to support Billtrust's ambitious growth plans. However, the company may face challenges such as integrating new acquisitions and maintaining innovation in a competitive fintech landscape.
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