Tesorioa San Francisco, Calif.-based provider of a customer account management platform raised $17m in Series B funding.
The round was led by BAMCAP Ventures with participation from Madrona Venture Group, First Round Capital, Floodgate, FundersClub, Hillsven, Mango Capital, Xplorer Capital, Susan and Anne Wojcicki and Carao Ventures. New board members include Jim Sheward of 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 and CRO of SAP Concur).
The company intends to use the funds to accelerate growth and expand its business.
Led by CEO Carlos R. Vega, Tesorio provides an accounts receivable platform that replaces manual collections processes with accurate real-time forecasts, optimized workflows, and actionable insights based on behavioral trends. The system includes collections automation, a comprehensive collections dashboard, customizable dunning, dynamic workspace functionality, and streamlined payments. Accounting teams are empowered to achieve performance and cash flow predictability while improving customer experience and relationships.
Tesorio is also announcing two new products called A/R Forecast and Cash Application. A/R Forecast provides a platform to forecast, plan and report on A/R cash inflows. Cash Application allows teams to streamline payment recording and invoice clearing so they can better focus on strategic accounts.
Today, companies manage more than [$23Bn] invoices per year with Tesorio. A/R teams at companies like Slack, Box, Veeva Systems, Twilio, and Domo use it to connect to their ERP and CRM in minutes and go live in five days.