doxo, Inc., a Seattle, Washington operator of a new on-line service that enable people and providers to manage transactional documents such as bills, statements, notifications, and policy updates, paperless and in electronic format, has raised $5.25m in a Series A financing.
Investors in the round include Mohr Davidow Ventures and Bezos Expeditions.
The funding will enable the company to expand and execute private trials with some of the largest U.S. utility, insurance, banking, Internet, satellite, phone, travel and cable providers.
doxo’s solution is aimed at delivering immediate savings to businesses of 80% or more over paper mail.
Each year in the U.S., more than 55 billion transactional documents – bills, statements, notifications, policy updates, and other critical documents – are delivered between businesses and their customers. Despite years of effort to get customers to “turn off” paper, only about 12% of this document volume is delivered exclusively in electronic format today.
Just the direct expense of paper, printing and postage for transactional mail costs businesses more than $35 billion each year.
In addition to the economic expense, the volume of transactional mail creates enormous environmental waste.