Cevinio, a Dutch scale-up that’s rebranding from InvoiceBlox, has secured a €4.5 million investment from Endeit Capital and CNBB Venture Partners to fuel global expansion.
The Rotterdam-based company plans to use the funds to accelerate both its international growth and the development of its smart invoice management algorithms. With the help of AI, the software automates credit invoicing and eliminates redundant, manual steps. It links incoming invoices to purchase orders, runs invoice compliance checks, and logs invoices in business accounts.
Launched in 2013, the software currently handles invoices in over 90 countries and makes invoice-to-pay processes anywhere from two to five times more efficient, the company claims. But the goal is to grow even further, and to do that, the team conducted a major overhaul of corporate identity.
CEO Jeroen Volk explains, “We made a name for ourselves as InvoiceBlox, InvoiceSharing and TBlox. Recently, we profoundly scrutinized our brand and purpose. What is it that we stand for and what is our core mission? We concluded that everything we do is about helping companies perform better by offering smart solutions, breaking routines, and removing process redundancies.”
“‘Cevinio.’ It is a smart anagram of the word ‘invoice’; a play on words that mirrors our algorithm in a way.”