Momentum continues to build in the optimisation of work processes market, with Estonia-founded and London headquartered Scoro the latest to pick up funding in the space.
The firm, which offers tools including invoicing – a process that continues to be a massive pain point for small businesses in particular.
The firm aims to eliminate unnecessary processes in each component part of running a business, including calendaring, project management, billing and reporting.
The seed funding comes from Estonia’s SmartCap (an investment arm of the Estonian development fund) Finland’s Inventure and Silicon Valley enterprise software-as-a-service (SaaS) startup programme, Alchemist Accelerator.
The firm says it has “hundreds” of customers globally including auction house Sotheby’s.
Scoro says it helps customers manage complex, often manual, processes and data streams via its SaaS platform for both employees and managers in mid-size businesses.
It will use the new funding to fuel international expansion across Europe and the US, plus develop new automation tools for businesses. It will also work on making its integrations with other business tools like Outlook and Dropbox better.
The company was launched three years ago and is part of a new wave of companies aiming to solve inefficiencies, reduce costs and automate repetitive processes for businesses.
Ravi Belani, founding partner at Alchemist Accelerator describes the enterprise app space as “exploding” right now.
“We’re seeing a lot of new software solutions trying to solve future problems,” Fred Krieger, CEO at Scoro. AI and machine learning are set to completely reshape the way we work, but the underlying structure and processes of most companies are far from being ready for that.
“That’s exactly what we’re aiming to solve – provide this structure for our customers and thus become a crucial building block for these next generation work management applications.”
The funding round totalled $61m, and will used to finance the company's global expansion plans.
Monzo also revealed its latest funding round last week.
A further £2.5m is expected to be raised from crowdfunding on Tuesday.
Funding Circle has perhaps started 2017 in a better way than most. The London-based lending platform that connects small businesses with investors has raised $100m (£82m) in equity investment.