AR Platform Tesorio Raises $17M, Names New Leaders

Tesorio has raised $17 million in a Series B funding round, the accounts receivable management platform said Tuesday (July 5).

The company said in the news release it is focusing this round on expanding its go-to-market efforts. Tesorio has also named two new people to leadership roles: Chief Sales Officer Mark Bartlett, who has worked with Concur, BlackLine, SAP and Navis, and VP of Marketing George Coughlin, a veteran of companies such as Adaptive Insights and Intuit.

Based in San Francisco, Tesorio helps companies manage more than $23 billion in invoices each year, with clients that include Slack, Box, Veeva Systems, Twilio, and Domo. The company’s platform includes collections automation, a comprehensive collections dashboard, customizable dunning, dynamic workspace functionality and streamlined payments.

“Our customers say, ‘revenue isn’t real until it gets paid.’ We make capital-efficient growth a reality, which is now more important than ever,” said Carlos R. Vega, Tesorio’s co-founder and CEO. “This round gives us the leadership and backing to take our A/R product customers love and become the leading cash flow performance platform for mid-market accounting teams.”

This funding round was led by the venture capital group BAMCAP Ventures, with participation from past investors Madrona Venture Group, First Round Capital, Floodgate, FundersClub, Hillsven, Mango Capital, and Xplorer Capital, along with new investors Susan and Anne Wojcicki and Carao Ventures.

The investment comes at a time when a shaky stock market is causing investors to become much more selective, as PYMNTS reported earlier this week.

See also: Investor Caution Puts Brakes on Startup Funding, IPOs

Asheem Chandna, partner with Greylock Partners, said inflation, coupled with the threat of a recession, “hasspilled over to the venture-capital industry, and multiples on mid-and late-stage valuations are rapidly compressing.”

Deal-making has slowed in the U.S., with venture capital funds investing around $47.5 billion in 2,251 deals during the second quarter through June 15. The first quarter saw investments in 3,368 deals to the tune of $70 billion.