Our India portfolio company, MineralTree, announced that it has raised a $50 million Series C round. The round was led by Great Hill Partners, and we participated alongside .406 Ventures.
MineralTree will use the funding to accelerate growth in its accounts payable automation business for middle market companies. The company offers its flagship Invoice-to-Pay solution via its expanding partner network, as well as directly to middle-market businesses.
In 2019, they will add new capabilities to Invoice-to-Pay, enhancing the user experience and expanding integrations with new accounting systems. Thousands of growing businesses in key markets already rely on this solution to increase accounts payable efficiency, reduce processing costs, improve control over cash flow, mitigate fraud risk, and strengthen accounting controls. Expected new enhancements will let more businesses transform, automate and improve the entire accounts payable process—from invoice capture to payment execution.
Sandeep Singh, Principal Eight Roads Ventures said: “We are very pleased to see MineralTree expanding as the AP Automation market rapidly develops. Since our early involvement in the company, we have seen the transformative power of automating manual finance tasks. This round of funding clearly demonstrates the momentum and value that MineralTree has created.”