Bill.com, a Palo Alto, Ca.-based company, has closed $8.5 million in VC financing. The round is led by August Capital and joined by return backers DCM and Emergence Capital. This brings Bill.com’s total investment to more than $17 million.
The company focuses on online bill management for accounting firms and small & mid-sized businesses. It provides SaaS applications, which automate paperless bill management and payment, while at the same time, syncs with common accounting applications like QuickBooks and Intacct.
It recently launched ePayments – which allows employers to pay employees or anybody else it owes money to, via direct deposit. This is where the appeal for Bill.com comes into place, since the electronic bill payment service has the potential to save vendors money.
By ridding of paper all together and routing payments electronically, Bill.com says it product results in time and cost savings to finance personnel of over 50%.
Rene Lacerte, who is the CEO of Bill.com, previously worked in the same space. He founded PayCycle back in 1999, which sold to Intuit last month for $170 million. He commented on how Bill.com will use the funding sharing, “The new capital will greatly enhance Bill.com’s expansion as we continue to revolutionize the way businesses manage and pay bills.”
