Billing And Revenue Automation Platform Ordway Raises $10 Million

By Noah Long ● February 21, 2020
  • Ordway, a billing and revenue automation platform for scaling companies, announced it has raised $10 million in Series A funding led by CRV

Ordway, a billing and revenue automation platform for scaling companies, announced it has raised $10 million in Series A funding led by CRV with participation from Clocktower Ventures and existing investors Lerer Hippeau and Revolution’s Rise of the Rest Seed Fund.

Led by Sameer Gulati, Ordway is bridging the gap between sales and finance teams by transforming how organizations manage billing and revenue recognition for complex customers. And the investment means accelerated roadmap execution and scaling its go-to-market strategies.

Ordway is redefining how growing businesses approach sales-to-finance operations through its billing and revenue automation platform. Built by a team that helps design much of the world’s cloud-based financial billing and ERP systems, Ordway modernizes the end-to-end sales-to-finance process. And it eliminates the need for error-prone spreadsheets and manual accuracy checks during the monthly close process to ensure compliance to GAAP & IFRS.

Plus Ordway’s platform enables organizations to automate the lifecycle of a contract post sales without costly implementation services or complex customization. And with Ordway, organizations can now design a system that bridges sales-to-finance workflows — from CRM to general ledger — by managing recurring subscriptions, contract details, pricing transactions, invoicing customers, collecting payments, and recognizing revenue.

Gulati’s vision is to build an intelligent and flexible finance platform that simplifies customer relationships for growing companies. Known as a proven product leader, Gulati designed and successfully brought to market successful enterprise solutions at private and public companies, including Intacct, Workday, Zuora, and First Data.

“Ordway is leading a movement to simplify increasingly complex sales-to-finance operations for growing companies,” said Gulati. “We’re filling a massive gap in the market where companies quickly outgrow point solutions and inefficient manual processes for invoicing, payment collection, and timing of revenue recognition. Today’s investment validates our next-generation billing and revenue automation platform that improves customer relationships for scaling companies. It will also allow us to execute on our vision and scale more rapidly.”

Since being founded, the Ordway platform has grown to serve companies in the software development, logistics, finance, point of sale (POS), real estate, advertising, advocacy, and healthcare industries including companies such as Ocrolus, Dispatch, BAO Systems, CircleCI, Springboard Retail, and Klara.

“Each and every company we invest in tends to have a different business model: pure subscription, usage-based, tiered, transaction-based, etc., and any combination of all of the above; it was surprising to realize there wasn’t an end-to-end billing and revenue management solution in the market that was flexible enough to deal with all that uniqueness, and yet easy to implement,” added Izhar Armony, Managing General Partner at CRV. “Ordway was created to address that vast need in the market, and we are thrilled to partner with them to bring a modern software solution for the full Order-to-Revenue cycle to businesses anywhere.”

CircleCI revenue manager Ryan Fretwell pointed out that Ordway gives the company more freedom to reimagine the way it works with customers

“The Ordway platform gives us confidence that our sales-to-finance tech stack is ready for the big growth we’re expecting,” commented Conor O’Donoghue, CPA, CFA, VP of Finance at Ocrolus. “Our legacy system couldn’t handle our hybrid prepayment contracts and on-demand business model where we price our offering based on the number of documents processed via our APIs. Ordway’s team understood our model, got us up and running in a matter of weeks, and all of the internal manual workarounds in our billing workflow are now gone.”