CollBox, an Austin, Texas based bookkeeping-integrated application that lets business collect on past due invoices and monitor the health of Accounts Receivable, raised $1M in seed funding.
The round was led by Bala Investments with participation from Long View Technology Ventures, Capital Factory and the Alamo Angel Network. In conjunction with the funding, Rajiv Bala, Managing Director of Bala Investments, will join the board.
The company intends to use the funds to expand operations and its business reach.
Led by Cameron Desautels, CEO, and Matt Darner, CollBox analyzes overdue debt, provides connections to vetted collection solutions, and enables users to surface past-due AR that would otherwise be written off eventually.
The company has already helped hundreds of small businesses and their accounting partners collect on past-due debt, recovering over $1M in revenue to date.