Accounts receivables platform Tesorio bags $17m in Series B round

San Francisco-based accounts receivables management platform Tesorio has raised $17 million in a Series B round led by BAMCAP Ventures.

Tesorio bags $17m Series B

The round included participation from existing investors Madrona Venture Group, First Round Capital, Floodgate, FundersClub, Hillsven, Mango Capital and Xplorer Capital, as well as new investors Susan and Anne Wojcicki and Carao Ventures.

The new capital takes Tesorio’s total funding raised to date to $37.6 million.

Tesorio says the cash will be directed towards expansion and adding more leadership hires – including new chief sales officer Mark Bartlett, who brings over 20 years of experience from roles at Concur, Blackline, SAP and Navis.

Founded in 2015, Tesorio helps B2B businesses manage accounts receivables through its platform by replacing “tedious and manual collection processes with accurate real-time predictions, optimised workflows and actionable insights based on behavioural trends”.

Tesorio claims to manage over $23 billion in invoices every year, with clients such as Slack, Box, Veeva Systems, Domo and Twilio, among others.

“We make capital-efficient growth a reality, which is now more important than ever,” says Carlos Vega, Tesorio’s CEO and co-founder.

Along with the funding, Tesorio also announced two new products – A/R Forecast and Cash Application.

A/R Forecast enables predicting, planning and reporting on A/R cash inflows. Cash Application enables teams to streamline recording of payments and invoice clearing so they can focus on strategic accounts.