Switzerland-based business accounting software developer Bexio has raised SFr7.5m ($7.4m) from a consortium led by Swisscom Ventures, the corporate venturing subsidiary of telecommunications firm Swisscom.
Venture capital firm Redalpine Venture Partners and family office Armada Investment also contributed to the round.
Founded in 2013 as EasySys before rebranding two years later, Bexio provides cloud-based accounting software that enables companies to easily produce and pay invoices. The platform integrates with online banking services to facilitate quick transactions.
The company said it has been adding 500 new clients per month on average and plans to use the funding to double its customer base from a current 8,000 by the end of 2017. The money will also go towards product development in a bid to strengthen Bexio’s market share.
Armada Investment previously led a SFr4.5m round in 2015, with participation from Redalpine.
Swisscom Ventures investment director Stefan Kuentz said: “The growth that Bexio has achieved since its incorporation is impressive.
“Thanks to its close integration with other service providers in tangential industries, we are convinced that in future Bexio will be playing a key role in the emerging ecosystem for [small and medium-sized enterprise] services.” [translated from French by Global Corporate Venturing]