Stockholm-based Billogram (formerly Atlas Invoice), a company that offers a simplified invoicing service for small and large corporations, announced that it has raised $45M (approx €38.16M) in a fresh round of funding.
The news follows the company’s record growth when it grew its signed deals by more than 300 per cent in 2020.
Billogram CEO Jonas Suijkerbuijk says, “during 2020, we increased our number of signed deals by 300 per cent and broke all previous sales records. It was a considerable achievement, and now, during the first half of 2021, we’ve already signed 50 per cent more deals than last year.”
The investor in the current round is global tech investment firm Partech. The firm is known for its investments in European-born software leaders such as Ecovadis, M-Files and Sendinblue, unicorns such as Jellysmack, Rohlik, Sorare, and Toss, and Swedish digital native fashion brand NA-KD.
Speaking on the development, Omri Benayoun, General Partner at Partech says, “we are excited to partner with Jonas and the team at Billogram. Having spotted a gap in the market, they have quietly built the platform for large B2C enterprises looking to integrate billing, payment, and collection in one single solution. In our discussion with leading utilities, telecom, e-health, and all other clients across Europe, we realised how valuable Billogram was for them in order to engage with their end-users through a top-notch billing and payment experience.”
Funds for expansion
The proceeds from this round will enable Billogram to expand its services in six new markets – Norway, Finland, Ireland, France, Spain, and Italy – while also further expanding in Germany.
The funds will also help the company double its workforce. It is planning to hire 100 people in the upcoming months.
Suijkerbuijk says, “we need to expand into Europe to continue our growth, and Partech is the perfect partner to help us do so. They are not only an intelligent and pragmatic group of people but are also experienced in our field and know how to tackle the challenges we face. The Partech motto is “think bold, move fast, and be fair,” and this is something that genuinely resonates with Billogram’s beliefs and inspires our approach to international growth.”
Online invoicing made easy?
Founded in 2011 by Cesar Sangchi and Jonas Suijkerbuijk, Billogram is a cloud-based service that makes it easier for businesses to keep track of incoming cash flow. It also lessens their administrative burden by providing real-time information about incoming payments and the status of invoices.
Initially, Billogram targeted smaller businesses and claims to be the first in Sweden to digitise paper invoices efficiently. Over the years, the product has evolved from a digital invoicing service to a customer relationship-strengthening software platform that secures payments on time, increases customer satisfaction, and prevents churn.
Billogram CRO, Carl Lindberg says, “demand for our product is larger than ever, and as we move into the vast international market, our success will come down to proper execution. Billogram’s experience gives us an advantageous position, as our technology has been developed and optimised for over ten years, and we started investing in the organisation’s growth a few years ago. It’s now a matter of growing further and faster, and scaling the company based on a well-functioning model.”
In 2020, the company witnessed an acceleration in growth as many new customers joined. Some of them are digital health care provider Kry, broadband provider Ownit, and energy provider Telge Energi.