Anchor, a free-to-use Autonomous Billing & Collections platform, announced it raised a $20 million Series A funding round led by Mosaic General Partnership and Oren Zeev from Zeev Ventures. And existing investors, including Entrée Capital and Tal Ventures, participated, along with new investors Amy Banse, who will be joining Anchor’s board and currently serves as a board member at Adobe and ON running, Tien Tzuo (founder and CEO of Zuora), former NBA superstar Andre Iguodala (via Mosaic General Partnership), and other industry leaders.
With this latest funding, Anchor plans on doubling its workforce in the next year, accelerating its US market presence, and deepening strategic partnerships, building on the company’s over 500% growth last year.
Cash flow is often unpredictable for small and medium businesses (SMBs). And half of US B2B invoices are currently overdue, and 60% of SMBs struggle with delayed payments, damaging the foundational stability of any enterprise. Outdated, manual systems that SMBs depend on aggravates the already fraught task of signing contracts and collecting payments on time. And Anchor’s platform is the first of its kind to deliver a fully integrated, digital-first approach to managing proposals, agreements, invoicing, billing, and payments – all at no upfront cost to the customer.
At the center of Anchor’s solution is the move away from rigid, PDF-based manual workflows to digitally native and interactive proposals and agreements. And this shift enables unparalleled simplicity, flexibility, and certainty from the very first step of the transaction journey. Traditional workflows often involve up to 50 steps, resulting in errors, fraud, delays, and inefficiencies. Anchor digitizes and consolidates every step into one seamless system. Anchor’s customers often see over a 30% increase in profits, reduction in revenue losses from over 5% to under 1%, and a reduction in agreement signing time from over 45 days to less than 24 hours.
Anchor serves US professional service businesses, with a strength in accounting, bookkeeping, and tax firms. And with its sophisticated functionality and innovative platform, Anchor is transforming how businesses operate while also presenting a radical pricing model with tremendous benefits for customers. And as the only free-to-use product, with no monthly subscription or processing fees, and only a flat $5 fee per transaction, Anchor is moving away from the outmoded approach of taking a percentage of payments being processed.
With tremendous growth of over 500% last year, the company is poised to help tens of thousands of businesses combat inefficiencies and unlock new potential. And by reinventing how businesses manage time and money, Anchor is building a future where every business, no matter its size, can thrive.
KEY QUOTES:
“Small businesses are the beating heart of the economy, and yet too many are becoming casualties to the unnecessary manual work associated with invoicing and payments. Existing solutions can’t address the current payment challenges because they are shackled to the limiting legacy of the non-dynamic PDF era. Anchor brings a truly innovative approach, leaving behind outdated processes. We are fortunate to have industry leaders as investors supporting us on this journey, as we continue to deliver value, not just to businesses but to the broader economy they are part of.”
– Rom Lakritz, CEO & Co-Founder of Anchor
“By transforming customer operations away from file-based point solutions to a digital-based end-to-end system, Anchor is radically improving customer efficiency, resulting in dramatic expense reduction, revenue growth and cash flow improvement. Anchor’s solution will materially improve the survival rates of small and medium businesses, driving economic growth on a broader scale. After witnessing their exponential growth, and hearing the intense customer love for the product, we couldn’t be more delighted to join Anchor in order to fully realize their vision.”
– Sam Landman from Mosaic General Partnerships
