Rotterdam-based Cevinio, a startup that offers smart invoice processing software via AI, has raised a multi-million investment from InnovationQuarter. Existing investors Endeit Capital and CNBB Equity Partners also participated in this round.
In addition to that, the company has also announced three new entrepreneurs who will be joining its board of directors – Bernadette Wijnings, co-CEO and co-founder of Blanco Fintech; Rene van Stiphout, founder of De Haas Ventures and former MD at Oracle; and Serge Poppes, CEO and founder of Pegamento.
The company had last secured €4.5M back in July 2020 from Endeit Capital and CNBB Venture Partners. The funds were to help the company for its internal growth and accelerate the development of its smart invoice management algorithms.
So how does Cevinio work exactly?
Previously known as InvoiceBlox, Cevinio was founded in 2013 by Jeroen Volk and Vincent Prooij. According to Cevinio, its platform makes invoice-to-pay processes up to 5 times more efficient for multinational companies and requires only a short implementation period to be up and running.
With the help of artificial intelligence, the company has built an invoice-to-pay solution for handling invoices and for making timely payments to suppliers. Its algorithms facilitate the touchless processing of invoices to purchase orders as well as run invoice compliance checks and log the invoices in the accounts.
This enables clients to achieve a 2-5 times reduction in processing times, as well as improved compliance and auditability. This process is cloud-enabled and integrates with various Enterprise Resource Planning (ERP) solutions such as SAP and Oracle.
Some of Cevinio’s clients include global companies such as Allianz Global Investors, OMV Petrom, and Leaseplan Corporation.
Funds for driving growth
Cevinio has seen increased demand for its product as large organisations have accelerated the adoption of technology during the pandemic. The company’s new growth phase is being facilitated by financial support from InnovationQuarter.
InnovationQuarter is the regional development agency for West Holland. It invests in innovative, fast-growing local enterprises and helps transnational companies become established in this unique delta region. As a lifecycle financier, InnovationQuarter finances companies in different cycles of their business growth and draws its investments from four funds: IQCapital, UNIIQ, ENERGIIQ and the Energy Transition Fund.
Angela Pellaupessy, senior investment manager at InnovationQuarter, says, “Cevinio and its product continue to challenge and outpace traditional financial processes. Its system increases productivity and reduces compliance risks, thereby eliminating wasteful inefficiencies. We seek to provide Cevinio with the tools needed to realise its full potential while continuing to deliver a first-rate payment solution.”
The proceeds from this round will allow Cevinio to further enhance its invoice processing algorithms and expand its services in new geographies. Currently, the company handles invoices from more than 90 countries.
Jeroen Volk, Cevinio CEO, comments, “We are excited to partner with InnovationQuarter as the demand for digital transformation and automation ramps up due to COVID. This investment allows us to keep up with the demand for the product and scheduled product implementations. After our rebranding to Cevinio last year, we’re now focused on becoming the leading Invoice productivity solution for Top 5000 Corporations.”