Chrome River Raises $17 Million in Funding
Los Angeles, CA, January 14, 2014 -Chrome River, a leading provider of expense management and supplier invoice processing software, today announced it has raised $17 million in a Series C funding round. The round was led by Bain Capital Ventures and includes existing investors First Analysis and Argentum.
“Since we founded the company in 2007, Chrome River has experienced rapid growth, signing over half of the Global Top 100 law firms, nearly half of the U.S. Top 200 law firms, several of the world’s leading accounting and consulting organizations as well as notable companies across the U.S. from 50 employees to many thousands around the globe,” said Alan Rich, Chrome River co-founder and CEO. “This capital will enable us to continue to rapidly deliver new mobile functionality and value to our customers. In addition to new features, we will be investing aggressively in significant modules and services to complement our full accounts payable solution suite. Chrome River has a clear vision for how we can help companies improve their business processes, control costs and provide configurable financial controls. This strategic investment will further help us to deliver that message to a wider audience as we continue to expand into new domestic and international markets.”
“We have a strong thesis that there is a new wave of important technology companies being built to tackle the business to business payments challenge,” said Matt Harris, managing director, Bain Capital Ventures. “Removing paper and other analog practices from the expense management and accounts payable process saves money, reduces errors, speeds up processes and enhances compliance. Chrome River is an emerging leader in the space, with a proven track record of delivering significant ROI to its customers. The company’s success is based on its ease of use, configurability to each organization’s business rules and being adaptable to the fast-changing marketplace by offering the latest in SaaS architecture. We look forward to working with the management team to not only drive expansion into new verticals such as construction, engineering and higher education; but into additional international markets as well. We’re excited to work with the team and pleased that they selected Bain Capital Ventures to lead this round of funding.”
Headquartered in Los Angeles with satellite offices throughout the U.S. and in Europe, Chrome River provides industry-leading expense reporting and invoice management solutions that offer complete process automation and cost control for an organization’s accounts payable operations. Chrome River has been recognized as one of the fastest growing private companies in America by Inc. 500|5000 the past two consecutive years, the Deloitte Fast 500 and the Los Angeles Business Journal.
About Chrome River
Chrome River Technologies, Inc. provides expense reporting and supplier invoice automation solutions that uniquely combine the latest available internet technologies with a team of industry-leading implementation and support experts. Chrome River delivers immediate payback via a “Software as a Service” delivery model that requires no hardware, no software, and no long-term commitment. This unique service is easily configurable to meet the needs of organizations worldwide with complex expense management policies and collaborative approval processes. Additional information about Chrome River Technologies, Inc. and its solutions may be obtained by phone at 1.888.781.0088 or by visiting the company website at http://www.chromeriver.com.
About Bain Capital Ventures
Bain Capital Ventures is the venture arm of Bain Capital, which has approximately $70 billion of assets under management worldwide. The firm’s history of investing in early stage companies dates back to 1984 with over 125 venture investments since inception. Bain Capital Ventures manages approximately $2 billion of committed capital, has over 65 active portfolio companies, and has offices in Boston, New York, and Palo Alto. The firm’s history of backing successful IT and software companies includes Solarwinds, LinkedIn, Rapid7, Archer Technologies, Network Intelligence, AppAssure and Gartner. More information is available at http://www.baincapitalventures.com.
Chrome River Technologies
Tel: 888.781.0088 x701
Bain Capital Ventures