CollBox, a bookkeeping platform aiding businesses collecting past due invoices, has scored $1m in seed funding.
The round was led by Bala Investments with participation also coming from Long View Technology Ventures, Capital Factory and the Alamo Angel Network.
With the fresh backing, the company is looking to advance its partnerships with other solutions in cloud accounting and bookkeeping.
Texas-based CollBox automates the collection of past due invoices by connecting with existing cloud accounting software, identifying offending accounts and instantly pairing that debt with collection agencies.
The technology analyses a client’s accounts to reveal slow-pay and no-pay customers and will automatically take the action needed to get payment.
Bala Investments managing director Rajiv Bala said, “We are excited to address the epidemic of unrecovered revenue that’s over $150 Billion a year in the US alone.
“CollBox’s industry-leading intelligent platform enables a data-driven approach to recover money owed to small businesses.”
As part of the deal, Rajiv Bala will join the CollBox board of directors.
This investment comes shortly after the FinTech won first prize at the QBConnecy Hackathon.
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