SAN FRANCISCO — Tesorio, an accounts receivable management platform, has secured $17 million in Series B funding led by BAMCAP Ventures. The round includes participation 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 rapidly 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.
“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,” shared Tesorio’s CEO & Co-Founder Carlos R. Vega. “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.”
“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,” said Jim Sheward, Partner at BAMCAP Ventures.
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.