Our investment in Stampli — From pre-seed to $12 billion in invoices annually
We are very excited today as our portfolio company Stampli announced it’s $25 million Series B, bringing the total funding to-date to $32M. Stampli is an AI-powered platform enabling businesses to take full control of their accounts payable (AP) process by combining AI and communications.
UpWest was part of Stampli’s initial journey into the US market having written its first pre-seed check, followed by our participating investments in the subsequent Seed and Series A rounds alongside great Silicon Valley investors SignalFire, Hillsven, and BloombergBeta.
We first met Eyal and Ofer Feldman in early 2016 in Tel Aviv where they were working on their initial product and selling to local customers. We loved their fascination with going after the “unsexy” area of accounts payable, solving their customers’ pain of managing thousands of invoices, losing track of payments and dealing with an often-complex approval process. Historically, accounts payable teams wasted hours and even days chasing down people across all departments to complete the invoice approval process lifecycle. This manual, time-intensive process can easily lead to errors, double billing for the same invoice, and causing massive delays in getting people paid in a timely manner.
However, being in Israel, the founders quickly realized that they were limited in their ability to scale in a smaller market in Israel, and decided to completely focus their efforts exclusively on the US market. With limited resources and true hustle, Eyal set his sights on engaging with US customers and they relocated to the West Coast.
As they began scaling their business, the tech & product was not left behind, with significant resources invested in making Stampli a standout solution for its customers. Recently, Stampli was named to the Leader Quadrant for both Best AP Automation Software and Tools for ERP on G2 Crowd for 2019. In AP Automation, Stampli was the highest rated in user satisfaction and product usability. It was also named a High Performer in both Invoice Management and Billing Software.
Today, with Stampli, AP teams are able to gain complete control over the procure to pay process. Stampli turns each invoice into a central communications hub, allowing all necessary parties and systems to communicate in one place. Stampli uses its proprietary AI to recognize patterns and learn how each organization allocates cost, manages approval flows and extracts invoice data. Stampli’s unique approach allows an organization to be up and running in less than a day.
Stampli is now processing more than $12 billion in invoices annually — up more than 4x from the start of 2018. More than 1,900 business entities and 40,000 users trust Stampli to centrally collaborate their invoice activities and automate their approval workflows.
We are so excited about Stampli’s potential, and look forward to continue supporting them going forward.
