Dutch startup Cevinio raises €4.5m to accelerate international growth
Cevinio, a fast-growing Accounts Payable software company from Rotterdam has raised €4.5 million from Endeit Capital and CNBB Venture Partners. The investment is being used to accelerate its international growth and further development of smart invoice management algorithms. With clients such as Alliance Global Investors, OMV Petrom and APA Nova (Veolia), Cevinio has proven to deliver up to five times more efficient invoice-to-pay processes.
Jelle-Jan Bruinsma, partner at Endeit Capital said: ''With the recent investment by Endeit Capital and CNBB Venture Partners, Cevinio is accelerating its international growth and development of increasingly smart invoice processing algorithms. Invoices are already being processed in more than 90 countries. “We are delighted to help the Cevinio team accelerate their international ambitions. The market opportunities for invoice-to-pay processes in the field of automation are enormous and the market is currently served by generally fragmented software solutions. Cevinio has proven to deliver an end-to-end enterprise-grade solution with excellent returns for leading customers.''
It is imperative for companies to continue to improve their invoice-to-pay systems during the rapidly increasing digitization of work processes. The third generation of artificial intelligence by Cevinio, founded in the Netherlands, automates unnecessary steps in the creditors' processing process. This helps companies to process their invoices faster and therefore pay out to suppliers faster. For example, the algorithms link touchless incoming invoices to purchase orders, automatically perform checks and enter the invoices. Combined with improved compliance and accountability, the invoicing process within organizations is up to five times faster. The software is implemented in a smart way and is therefore operational very quickly.
In addition to the investment of Endeit Capital and CNBB Venture Partners, Cevinio's next step involves a change in the house style and name. 'The market knows us under the names InvoiceBlox, InvoiceSharing and TBlox. We have recently taken the time to dive into our brand. What exactly do we stand for and how do we really want to help our customers? It clearly showed that in everything we do we look for smarter solutions, by breaking routines, taking unnecessary steps out of processes, in order to make companies better. This includes a fresh corporate identity, which radiates what we stand for and a smart and clear name: Cevinio. A clever pun with the letters of the word 'invoice'. That suits how our smart algorithm also works.