Bill.com has raised $8.5 million from August Capital, DCM, and Emergence Capital recently. David Hornik of August Capital will be joining the Bill.com Board of Directors as part of this round of funding. Thus far, Bill.com has raised a total of $17 million. Bill.com acts as a collaborative online bill payment for businesses.
Bill.com has software that encourages businesses to eliminate filing bill paper documentation. Large businesses usually have to managers approve large bills and then the finance department has to approve of them. Bill.com software makes this whole process available online. Bill.com accepts faxed bills and then they scan them and e-mail it to people that need to approve the documentation.
Bill.com also uses OCR to enable searching for documentation later on. The base fee of one user for Bill.com is $24.99 and each user after that is $9.99. Each check payment has a small fee attached for Bill.com as well. According to Bill.com’s VP of Marketing Jeff Schultz, businesses are saving as much as 50% in the amount of time taken to pay bills.
René Lacerte founded Bill.com in 2007. The company presented at the DEMO conference and won the DEMOgod award. The company was originally called CashView. Lacerte had previously built a company called PayCycle, which was bought out for $170 million by Intuit last month.