Bill.com, a Palo Alto, CA-baseed provider of an on demand service that automates and simplifies bill management and payment processes for small and midsized businesses and CPA firms, has completed a $8.5m Series C financing.
The round, which was led by Jafco Ventures, with participation from existing investors DCM, Emergence Capital and August Capital, brings the total the company has raised to date to over $25m.
In conjunction with the financing, Nick Sturiale, general partner at Jafco Ventures, has joined the company’s board of directors.
The new capital will be used to accelerate Bill.com’s growth. The company’s application allows users to receive, route and pay invoices electronically. Invoices are emailed, scanned or faxed into the Bill.com service and then routed electronically for approval, ensuring a complete audit trail and eliminating lost or mishandled paper.