MineralTree, a US-based business payment software provider that counts financial services firm First Data as an investor, has completed a $50m funding round led by private equity firm Great Hill Partners.
Eight Roads Ventures, a subsidiary of financial services and investment group Fidelity, also participated in the round, as did venture capital firm .406 Ventures. The company has now raised approximately $69m in funding altogether.
Founded in 2010, MineralTree produces software that automates payment processes such as accounts payable, invoice management and other payments for middle-market businesses. It plans to add new features to the platform and grow its network of partners.
The company received $1.5m from .406 Ventures in 2011 before it added $6.3m in a series A round led by Eight Roads – then known as Fidelity Growth Partners India – and backed by .406 Ventures the following year.
Eight Roads subsequently led an $11.1m series B round for MineralTree in 2015 that also featured First Data and .406 Ventures.
BC Krishna, MineralTree’s founder and CEO, said: “We are incredibly fortunate to have investors that share our vision – and provide us with resources necessary to achieve the growth and scale that the market opportunity demands. The entire MineralTree team is excited about all that lies ahead.”
