Chrome River, a leading provider of expense management and supplier invoice processing software, recently announced it has raised $17 million in a Series C funding round. The round was led by Bain Capital Ventures and includes existing investors First Analysis and Argentum.
“Since we founded the company in 2007, Chrome River has experienced rapid growth, signing over half of the Global Top 100 law firms, nearly half of the U.S. Top 200 law firms, several of the world’s leading accounting and consulting organizations as well as notable companies across the U.S. from 50 employees to many thousands around the globe,” said Alan Rich, Chrome River co-founder and CEO. “This capital will enable us to continue to rapidly deliver new mobile functionality and value to our customers. In addition to new features, we will be investing aggressively in significant modules and services to complement our full accounts payable solution suite. Chrome River has a clear vision for how we can help companies improve their business processes, control costs and provide configurable financial controls. This strategic investment will further help us to deliver that message to a wider audience as we continue to expand into new domestic and international markets.”
“We have a strong thesis that there is a new wave of important technology companies being built to tackle the business to business payments challenge,” said Matt Harris, managing director, Bain Capital Ventures. “Removing paper and other analog practices from the expense management and accounts payable process saves money, reduces errors, speeds up processes and enhances compliance. Chrome River is an emerging leader in the space, with a proven track record of delivering significant ROI to its customers. The company’s success is based on its ease of use, configurability to each organization’s business rules and being adaptable to the fast-changing marketplace by offering the latest in SaaS architecture. We look forward to working with the management team to not only drive expansion into new verticals such as construction, engineering and higher education; but into additional international markets as well. We’re excited to work with the team and pleased that they selected Bain Capital Ventures to lead this round of funding.”
Click here to view the entire Chrome River press release.
To learn more about Chrome River’s expense management and supplier invoice processing solutions, click on PayStream’s Solution Source link, or download a complimentary copy of PayStream’s Travel and Expense Management report that features a Chrome River profile and case study.
