Announcing Our Series B and the Future of Cash Flow Performance

As we reflect back on our ongoing journey to build an enduring company, there are milestones that stand out because they embody the joint efforts of our team, customers, investors, and, of course, our families who support us on the startup rollercoaster. This week we’re excited to announce one of those pivotal moments: we’ve raised a $17M Series B financing led by BAMCAP Ventures.

BAMCAP is a VC group formed by accomplished company builders and investors, including Jim Sheward who is the former CEO of Fiberlink (acquired by IBM). We are fortunate to welcome Jim to our board along with Rob Hull and Scott Torrey, who joins as Executive Chairman. Rob is the founder of Adaptive Insights (acquired by Workday) and Scott has served as CEO of Payscale and CRO of SAP Concur. Together with Hope Cochran from Madrona, we’re pumped to have investors and a board with a track record of building and scaling iconic SaaS companies.

Today, we help mid-market accounting and finance teams automate their accounts receivable workflows, get paid on time, and have predictable cash inflows. Accounts receivable is both the most likely place to trap cash on the balance sheet and the least predictable part of cash flow, but teams are managing these assets in spreadsheets.

In a market with high inflation, increasing costs of capital, and high demand for cash, these tools have gone from vitamins to painkillers. The dialogue has shifted from surmising that “time savings from automation could free up my accounting team” to “I need to get paid on time so I can keep growing” and “I need to understand my cash inflows so I can adjust certain customers’ payment terms to retain them.”

Steven Odell, one of our 2x customers first at Slack and now at Contentful, sums it up eloquently, “Revenue is not real until you get paid.” Growth and customer retention depend on a mutual understanding of the payment relationship between customers and vendors.

We grew to be a Leader in G2 with over 130 customers managing $23 billion in A/R and three consecutive years of triple-digit growth mostly through word of mouth. With this capital, we’re significantly expanding our go-to-market investments and targeted product development to capture the demand we’ve just started to tap into.

Tesorio’s executive leadership team now 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 expertise from Adaptive Insights and Intuit.

We’re also thrilled to share that we’ve completed the first phase of our product vision for cash flow performance by expanding our accounts receivable capabilities and accelerating time to value—check out A/R Forecast for forecasting cash inflows and CashApp for streamlined payments reconciliation. Next, we’ll be working on even faster onboarding and deeper integrations to financial systems to prepare us for the next phase… stay tuned!

Thank you to our 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 whose trust and input have enabled each step of our journey.

You can have all the funding in the world but if you don’t have a great team it doesn’t matter. Every day we get up excited to work with such a talented and dedicated group of people all across North and South America. A special thanks to each one of you!

Capital-efficient growth is now more important than ever, and we’re here to make it a reality. Thanks for your continued support and looking forward to working together with all our stakeholders to build an even more successful Tesorio.

Read more about our milestone on TechCrunch.