ABOVE-PLAN CUSTOMER ADOPTION DRIVES LARGER AND EARLIER ROUND THAN ANTICIPATED
Taulia Inc., the leading cloud-based dynamic discounting solution provider in the SAP® space, today announced it has closed its Series B round of funding totaling USD 8.5 million.
Existing investors Matrix Partners and Trinity Ventures invested above their pro-rata to increase ownership and were joined by new investor DAG Ventures, who lead the round. Taulia will use the additional funding to aggressively expand marketing, sales and implementation teams in both Europe and the US, as well as to acquire new engineering talent for product development.
“We have been enthusiastic about Taulia’s market opportunity since we invested in the Series A funding,” said Josh Hannah, General Partner at Matrix Partners. “Taulia’s visionary dynamic discounting solution is the right offering at the right time. Corporate treasurers can invest excess liquidity risk-free for double digit returns, while small business suppliers gain access to much needed funds. The market immediately validated this value proposition, and we are excited to increase our investment in the Series B round.”
Taulia provides dynamic discounting solutions and supplier portals to Fortune 500 companies. With the Taulia Dynamic Payment Platform, these large organizations can save millions of dollars annually by enabling dynamic payment terms and on-demand payment acceleration for their suppliers, in return for additional discounts. For suppliers, the Taulia Supplier Portal offers the ability to accelerate invoice payment on-demand, thus eliminating the need for costly receivable financing or credit card borrowing. The supplier portal also reduces collection cost and removes the need for inquiries by providing 24/7 visibility and comprehensive self-services - all free of charge
“At Trinity, we invest in teams of people, not just technologies,” said Noel Fenton, Co-Founder and General Partner of Trinity Ventures. “Taulia’s management team has been successful once before with AP automation provider Ebydos, and at Taulia they once again managed to turn every productive customer into a positive reference. These developments give us reason to be bullish about Taulia’s future prospects.”
Since Taulia’s Series A round of funding, the company has expanded its product offering and deepened its expertise. With Jeff Teem hailing from Ariba and Matt Wright coming from OB10, two industry veterans have joined Taulia in vice president (VP) roles during the first quarter. In June, the company acquired cash-flow management company, billFLO, and retained founder and CEO Ian Sweeney as vice president. Most recently Steve Lance, former vice president of finance at SugarCRM, also added another VP role toTaulia, rounding out the executive management team.
“At DAG Ventures, we value product excellence and strong traction,” said Greg Williams, Managing Director of DAG Ventures. “Taulia has demonstrated both and impressed us by adding four new Fortune 500 customers to its portfolio in June alone. We are thrilled to lead the company’s Series B round of funding.”
The Series B round of funding augments the USD 3.5 million Series A funding Taulia raised less than a year ago in November 2010. Since then, Taulia’s faster-than-anticipated growth has garnered significant interest from new investors, resulting in a larger round closed at an earlier date than originally planned.
“The combined introduction power of Matrix, Trinity and AngelList enabled Taulia to engage in a very short time with partners at multiple, hand-selected VC firms for its b-round,” said Bertram Meyer, CEO of Taulia. “Amongst all funds interested, DAG Ventures was selected due to its ability to act quickly, its convincing SaaS portfolio and its flexibility in solving the funding needs of its portfolio companies”.
See the official press release.