Autonomous billing platform Anchor closed a $15 million seed funding round led by Rapyd Ventures, Entrée Capital, and Tal Ventures, according to a press release on Wednesday (Dec. 1).
The fresh capital will be used to grow its team beyond its current workforce of 16, connect with new partners, and increase marketing efforts.
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Founded in 2019 by Rom Lakritz, who serves as CEO, Leeor Aharon, CTO, and Omry Man, CRO, Anchor is headquartered in Tel Aviv and offers a full cycle, autonomous, end-to-end billing and payments solution for small- to medium-sized businesses (SMBs).
“The challenges of billing and collections, which make paying a vendor a hefty process, stem from the human element,” said Lakritz.
“If people could trust the invoices they receive from service providers just like they trust machine-generated invoices from their Spotify and Amazon accounts, billing and payments would no longer be a painful process, and cash would easily flow in a market estimated at over $120 trillion annually,” he said.
Read more: $1.2 Trillion in Non-Recurring Payments Create Cash Flow Problems for Small Business
Anchor’s solution links client payment information with a service provider’s tech stack to automatically populate and send invoices. When payments are released, collections and reconciliation happen automatically.
“We knew immediately that Anchor was a company in which we wanted to invest,” says Arik Shtilman, CEO of Rapyd. “It has its finger on the pulse of the future of payments and has built a modern framework for B2B payments and billing, poised to become necessary for every business.”
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Avi Eyal, co-founder and managing partner at Entrée Capital, said the B2B payments sector is “highly fragmented” because each vertical is unique and needs “some level of specialization.”
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