Chargezoom Raises $11.5M Series A to Revolutionize AI-Powered Accounts Receivable Solutions

SUMMARY

• Chargezoom, Silicon Valley and Utah based AI-powered billing and integrated payments startup Secured $11.5M Series A led by Kickstart Fund. New investors: Motley Fool Ventures, Early Light Ventures, Frazier VC, and Adly.
• Technology: Using AI and machine learning, Chargezoom automates accounts receivable processes to speed up invoice preparation, cash flow management, and customer payments.
• Alex Soffe, Kickstart Fund: Emphasized Chargezoom unique AI-driven solutions solving critical pain points in payments.
• Impact: Chargezoom streamlines AR workflows eliminating manual tasks to help businesses save time accelerate cash flow and improve financial operations across the U.S.

Chargezoom Raises $11.5M Series A to Revolutionize AI-Powered Accounts Receivable Solutions

Chargezoom, a Silicon Valley and Utah-based AI-powered billing and integrated payments startup, had secured $11.5 million in its Series A financing round, the company disclosed, led by Salt Lake City's prominent venture fund Kickstart Fund. This was the first of such capital for Chargezoom, cementing its spot in the burgeoning Utah technology ecosystem that it is prepared to help grow into further expansion.

"We are excited to be building Chargezoom right here in Utah," said Matt Dubois, founder and CEO of Chargezoom. "This funding not only validates our vision but also brings us an unmatched strategic partner in Alex Soffe and the Kickstart team. Their support will be instrumental as we scale."

The firm increased from its Seed by 3972%. The growth has been outstanding with its innovative approach. Prior to the funding, Chargezoom enhanced accounts receivable solutions to be offered to businesses based on more effective financials following a $2 million Seed round in July 2021.

"Chargezoom is working with AI and machine learning to solve critical pain points in the payment space and give solutions that we feel can't be matched, added Alex Soffe from Kickstart. We're excited to support their mission to automate accounts receivable for businesses of all sizes."

With this new investment, Chargezoom is ready to grow further in enhancing its platform capabilities for accelerating cash flow and payments for businesses in the whole U.S. In addition, it will now be able to expand the operations of the company to continue with cutting-edge AI and machine learning solutions that will enhance its users.

In line with this growth, Chargezoom has restructured its investor lineup to better align with its long-term goals. BIP Ventures has divested itself out of this round and welcomes new investors like Motley Fool Ventures, Early Light Ventures, Frazier VC, and Adly to this journey. It keeps working with existing investors too such as SaaS Venture Capital, Stout Street Capital, and Okapi Venture Capital, which adds strength to the faith shared with the mission of charging towards the revolution of accounts receivable through Chargezoom.

"We are thrilled to move forward with investors that share our values and willfully commit to our vision of becoming the market leader in AR automation," stated Dubois.  

Chargezoom is innovating the process of accounts receivable with the use of AI and machine learning to make invoice preparation, cash flow management, and customer payments seamless and automated. Chargezoom helps businesses reduce the time wasted on AR processes by doing away with manual tasks.

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