OpenEnvoy Announces $6.5M Oversubscribed Seed Round Led by Riot Ventures to Capture the $500B Financial Audit Market Opportunity
The Fintech startup automating invoice auditing announces new funding to help companies remove fraud from their financials.
OAKLAND, Calif., April 13, 2021 (Newswire.com) - Today, OpenEnvoy, a fintech startup providing a comprehensive suite of robotic process automation (RPA) tools for invoice auditing, announced an oversubscribed $6.5 million seed round led by Riot Ventures with participation by RRE, Gokul Rajaram, Naval Ravikant, Firebolt, Coelius Capital, Hack VC, Uncorrelated and TNT Ventures.
Founded in 2020 by industry veterans, OpenEnvoy eliminates supplier fraud to enable the recovery of billions of dollars in wasted spending. OpenEnvoy verifies every invoice to its originating documents ensuring 100 percent accuracy down to the penny. OpenEnvoy's powerful platform improves cash flow, reduces costs, and frees accounting resources to focus on more complex tasks.
"Having launched the company less than six months ago, we're excited to see early market traction and reach this milestone so quickly," said Matthew Tillman, Co-Founder and CEO of OpenEnvoy. "It's proof we're addressing a real pain-point that finance teams face every day. CFO's know they're leaving money on the table in the documents their accounts payable teams process, but effectively extracting that information has been cost prohibitive until now." Continued Tillman, "Ensuring accurate invoicing is about more than saving money, it's also about knowing what you've paid for, building better relationships with your partners, and avoiding disasters as we've seen with Greensill."
This round of funding will support the company's goal to accelerate its 100%+ MoM growth and revolutionize the way freight, media, and other highly variable cost industries manage suppliers, invoices and contracts.
"We're incredibly excited to be partnering with Matt and the OpenEnvoy team on their journey to become the standard in invoice auditing and supplier transparency," said Will Coffield, General Partner at Riot Ventures. "OpenEnvoy's use of advanced automation is arming teams in esoteric industries like freight and manufacturing with the tools to dramatically elevate their operations."
OpenEnvoy's initial offering is the first self-serve, white-glove invoice auditing product available at a fixed monthly cost. This year the company plans to launch additional innovative self-serve products for finance and their development teams.
Open Envoy, founded in 2020, eliminates supplier fraud before it happens. Our invoice auditing solution automates costly finance workflows enabling the recovery of billions of dollars in wasted spending. OpenEnvoy supports customers around the world with offices in Nevada and California. To learn more, visit www.openenvoy.com.
Tags: accounting, accountspayablesoftware, automatedinvoiceauditing, eliminatefraud, financesoftware, freightinvoiceaudit, Greensill, invoiceauditing, logistics, Roboticprocessautomation, RPA, shipping