Business-to-business e-invoicing network OB10 said Monday that it has raised $6.4 million of new capital through a recent shareholder rights issue.
The new round of funding was led by the company’s existing institutional shareholders Azini Capital, Cargill, and Fleming Family & Partners. The money will be used to fund accelerated growth through continuing regional expansion and ongoing product development.
OB10 previously announced significant growth across the London-based company’s business in 2010, highlighting an increase in the number of customers, an increase in revenue by 30 percent and an increase in transaction volume by 54 percent.
“The e-Invoicing market is experiencing a period of significant change with many more firms realizing both the financial and efficiency gains to be made by switching from paper to electronic,” said OB10 senior vice president of business and product development Stefan Foryszewski in a statement. “This latest investment clearly highlights the confidence from our investors in our future business growth and positions us well to take on the expanding marketplace.”
