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Bill.com Raises $8.5 Million To Streamline Business Bill Payments
Aug. 4, 2009Bill.com has closed an $8.5 million funding round led by August Capital, with previous investors DCM and Emergence Capital also participating in the round. As part of the deal, August Capital's David Hornik will be joining Bill.com's board. Bill.com has now raised a total of $17 million. Bill.com looks to help businesses streamline the convoluted processes that are often involved in paying bills at large companies. Unlike your typical personal bill payments, which simply require hopping onto your bank's website and transferring funds, large busineses typically have fairly complex approval processes in place before a bill gets paid: various managers have to sign off on the bills, and then they have to get sent to the finance department that handles the actual payments. Even worse, most businesses still use inefficient paper documents throughout the process.
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