Cleavr secures €8 million to expand invoice automation in Europe
The French fintech’s seed financing was led by Varsity, with funds earmarked for product development and a bigger sales team.
A Varsity-led seed investment has brought French fintech Cleavr €8 million to develop its invoice-collection software and broaden its European business. The company will use the money to improve the product and increase sales staffing.
Returning investors included Better Angle and Kima Ventures. Financière Saint James, Kerala and Portfolio Ventures also took part. Cleavr’s €1 million pre-seed financing preceded the new round by six months.
Cleavr is developing an artificial intelligence platform for monitoring unpaid invoices and handling collections. After an invoice has been issued, the software identifies whom to contact and follows up using SMS, telephone or email. It monitors promises of payment and escalates disputes, bringing in people where necessary.
The company reports an average reduction of 37 per cent in customers’ days sales outstanding (DSO) during the initial few weeks. It also says customers collect 40 per cent more cash, while teams devote 80 per cent less time to chasing payments.
Cleavr says it has commercial operations in several European markets, handles several billion euros’ worth of invoices annually and helps customers collect payments internationally. According to the company, its software is designed to accommodate customers’ organisational structures, ERP systems and internal workflows within days.
