Invoice and expense management service provider Chrome River has just snagged another several million dollars in funding.
In an announcement made Monday (July 6), Chrome River said it secured $100 million in Series D funding following the $17 million Series C round it concluded in January 2014. Reports said the funds will be used to propel product innovation and expand to new jurisdictions across the globe.
“Some funds will be used for recapitalization,” added Chrome River CEO Alan Rich in an interview with Business Travel News, “meaning a portion of the funds will go to some of the shareholders, but most of it is to help us growth the business.”
Chrome River said that it hopes to secure some large corporate business clients in the U.S. through the funding as well.
The company’s services are geared towards travel managers in need of stronger travel and expense management solutions for their employees on the go. According to Rich, employees want an experience similar to consumer software but still need the enterprise-only features like spend controls.
“They want to roll out something and not seem as if, ‘Finance is shoving this down our throats,’ but instead say, ‘Finance is rolling out this cool new tool to make our lives better,’” Rich told the publication.
The new $100 million in funding will help Chrome River add new products and invest in mobile technology for its invoice and expense management tools. Rich said that the company will be focusing on invoice management a lot more, including e-invoicing and purchase-order solutions, though he added that these ventures are still in their early stages.
Other goals include expansion to the U.K. and Europe following a recent entrance into Canada.
“People want agile businesses where they can react quickly, efficiently, change policies, react to compliance issues, add a subsidiary and divest a company without the slow-pace change,” Rich said in explaining where Chrome River is focusing its growth.
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