Cloud Credit Control software Chaser has announced it has raised $4 million in growth funding. The round is led by Fuel Ventures, with participation from existing investors including Sussex Place Ventures, Beacon Capital and Director and early-investor in Xero, Craig Winkler.
With a quickly-growing, passionate team committed to empowering Accountants and Bookkeepers to liberate SMEs from late payments, Chaser continues to provide software at the forefront of disruptive cloud accounting.
Businesses spend hours manually chasing invoices, while overdue payments stifle their growth. Since launching in 2014, Chaser has been dedicated to solving this late payment problem for all businesses that sell on payment terms.
By sending automatic and intelligent email chasers, the software effectively gets invoices paid on time without losing the human touch. To date, Chaser has helped users chase over $2.2 billion worth of invoices. And, Accountants and Bookkeepers across the globe are using Chaser to bring outsourced credit control to their clients.
With this funding round, the company will expand their Product Development team, with a host of new features released in 2020.
Chaser founder David Tuck said: “SMEs in the UK are currently owed over £225billion in unpaid invoices. For many, selling on payment terms is a broken experience. This is due to late payments, which straitjacket growth. Since our launch, 5 years ago, we have freed businesses from the burden of late payments.
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“We’re extremely proud of what we have accomplished since 2014 and, with the introduction of our new Virtual Credit Control Service Incubator, we can help Accountants and Bookkeepers to level the playing field for SMEs”.
Founder and Managing Partner of Fuel Ventures, Mark Pearson added: “We’re excited to have joined Chaser on their journey as they continue to deliver effective and ground-breaking Cloud Credit Control. They have already established themselves as a market leader and with the introduction of ChaseAcademy, will only continue to innovate the Cloud Accounting landscape.
“They have a very exciting future ahead of them and we are thrilled to be a part of it.”