San Francisco-based Tesorio, a cash flow performance platform with Accounts Receivable, has nabbed $17 million in Series B funding. The financing round was led by BAMCAP Ventures, a VC group formed by accomplished company builders and investors.
The round also saw participation from existing investors, including Madrona Venture Group (that backed Go1 and Booster), First Round Capital, Floodgate, FundersClub, Hillsven, Mango Capital, and Xplorer Capital and new investors Susan and Anne Wojcicki and Carao Ventures.
Tesorio will use the funds towards the expansion of Go-to-Market efforts with new leadership that includes Chief Sales Officer Mark Bartlett and George Coughlin.
Tesorio is also announcing two new products called A/R Forecast and Cash Application. A/R Forecast is an all-in-one platform for predicting, planning, and reporting on A/R cash inflows. Cash Application enables teams to streamline recording of payments and invoice clearing.
In addition, it has added new board members, including Jim Sheward from BAMCAP (former CEO of Fiberlink acquired by IBM), Rob Hull (founder of Adaptive Insights acquired by Workday), and Scott Torrey as Executive Chairman (former CEO of Payscale & CRO of SAP Concur).
“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.
AI-driven cash flow management
Founded by Carlos Vega and Fabio Fleitas in 2013 in San Francisco, Tesorio serves customers around the globe with AR automation and cash flow forecasting, across verticals, including software, manufacturing, retail, finance, and pharmaceuticals. Its cash flow performance platform applies machine learning to key financial data to help customers.
It revolutionises the way B2B businesses manage their Accounts Receivables. Tesorio’s Accounts Receivable platform replaces tedious and manual collections processes with accurate, real-time predictions, optimised workflows, and actionable insights based on behavioural trends.
Tesorio’s Platform includes collections automation, a comprehensive collections dashboard, customizable dunning, dynamic workspace functionality, and streamlined payments.
Tesorio’s cash flow performance platform has trained its AI processes to manage over $30 billion in transactions each year for companies ranging from 50 to 10,000 employees.
Customers of the company include Box, Veeva Systems, WP Engine, Currency Cloud, Instructure and many other publicly traded and privately held companies that care about cash flow performance.