Accounts Receivables Management Platform Tesorio Raises $17M in Series B

San Francisco-based accounts receivables management platform Tesorio has raised $17 million in a Series B round led by BAMCAP Ventures.

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​The round included participation from existing investors Madrona Venture Group, First Round Capital, Floodgate, FundersClub, Hillsven, Mango Capital and Xplorer Capital, as well as new investors Susan and Anne Wojcicki and Carao Ventures.

The new capital takes Tesorio's total funding raised to date to $37.6 million.

Tesorio said the cash would be directed towards expansion and adding more leadership hires – including new chief sales officer Mark Bartlett, who brings over 20 years of experience from roles at Concur, Blackline, SAP and Navis.

Founded in 2015, Tesorio helps B2B businesses manage accounts receivables through its platform by replacing "tedious and manual collection processes with accurate real-time predictions, optimised workflows and actionable insights based on behavioural trends".

"We make capital-efficient growth a reality, which is now more important than ever," said Carlos Vega, Tesorio's CEO and co-founder.