Ordway, a two-year-old startup that built a billing and revenue automation platform, has secured $10 million in Series A funding.
We are excited to join the @CRV family. Their vote of confidence in the flexible and powerful #finance platform we are building for #SaaS and beyond humbles us, but also validates that we're eliminating manual workarounds in the sales-to-finance process. https://t.co/53GeW5hQQD
— Ordway (@ordwaylabs) February 19, 2020
Headquartered in D.C.’s Farragut North neighborhood, Ordway’s latest funding round was led by CRV with participation from Clocktower Ventures and existing investors Lerer Hippeau and Revolution’s Rise of the Rest. This investment will help the startup scale its market strategies more rapidly, the company shared in a press release.
Outside of executing its mission and strategic plan, Ordway founder and CEO Sameer Gulati told Technical.ly that the company also plans to double its employee headcount this year. The company currently has 25 “Ordmates,” which is Ordway’s nickname for its employees, with 12 working out of its Farragut North office and 13 working remotely. The startup is currently hiring across the board to expand its office with open positions in sales, product, engineering, finance and more.
“We need to keep up with the demand for our billing and revenue automation platform,” said Gulati. “As we continue to scale, we need to ensure we have the capacity to serve our customers effectively not only at the beginning of the engagement process, but also as they grow and change over the next decade.”
Along with automating invoicing, Ordway’s platform can also handle more complex billing and collection arrangements that may be unique to individual customers a company brings on as it grows. Companies in sectors such as healthcare, finance, real estate and point of sales use Ordway’s platform, it reports. This Series A funding raise comes after the company raised $2.5 million in seed funding back in 2018, bringing the company’s total venture capital funding to $12.5 million to date.
“Ordway is leading a movement to simplify increasingly complex sales-to-finance operations for growing companies,” said Gulati in a statement. “Today’s investment validates our next-generation billing and revenue automation platform that improves customer relationships for scaling companies.”