FloBiz has secured $10 million in the latest funding round. The series A funding was led by Elevation Capital, and existing investors Beenext and Greenoaks Capital.
FloBiz, the owner of myBillBook app, informed that it will utilize the funds raised to augment its team for product development and to boost its sales and marketing.
MyBillBook is an application that enables business owners to create professional invoices, monitor their inventory and manage their cashflow.
Rahul Raj, founder and CEO of FloBiz, said, “Access to smartphones and internet penetration with affordable data plans have led to a rapidly growing demand for digital tools and products amongst small and medium business owners, who currently have to heavily rely on manual, paper-led processes.”
Raj further said, “With this additional funding we plan to grow our trader base at least 7X by 2022 through deeply focused product developments driven by user feedback and making myBillBook simple to use through personalization.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.