Stockholm-based invoicing platform Billogram has secured a $45 million investment from Partech. The service, formerly known as Atlas Invoice, helps companies large and small keep an eye on incoming cashflow and seeks to reduce the overall administrative burden of invoicing. The new funding will be used to expand into new markets and the startup is aiming to double its workforce.
Founded a decade prior, Billogram has evolved over the years. Initially starting out as “just” a digitised invoicing service, the company now acts more as a customer relationship-strengthening tool, automating a number of processes, ultimately lowering costs, increasing revenues, and reducing churn.
Over the course of 2020, the company saw a 300 percent uptick in the number of deals signed, and reports that the first half of 2021 has seen 50 percent more activity than the year prior. Billogram’s robust customer base includes names such as digital health care provider Kry, broadband provider Ownit, and energy provider Telge Energi.
Billogram’s Carl Lingberg commented, “Demand for our product is larger than ever, and as we move into the vast international market, our success will come down to proper execution.”
With the healthy dose of new capital, Billogram is aiming to more than double its workforce and is targeting market entries into Germany, Billogram will enter Norway, Finland, Ireland, France, Spain, and Italy.
“The Partech motto is “think bold, move fast, and be fair,” and this is something that genuinely resonates with Billogram’s beliefs and inspires our approach to international growth,” concluded CEO Jonas Suijkerbuijk.