Taulia provides an electronic invoicing and supplier financing platform that helps suppliers get paid faster while lowering the cost of goods their customers purchase through dynamic discounting. That seems to be a win-win for all parties involved, which has helped the company rapidly grow its business in recent years.
To continue expansion into new markets, the company has tacked on an additional $13 million in funding to its Series D round. Taulia had previously announced that it had raised $27 million, so it’s closing its financing out at a total of $40 million this time around. Altogether, the company has raised $70 million since being founded in 2009.
Taulia provides a platform that enables Fortune 500 businesses to electronically handle all invoicing and payment to their suppliers. For its major customers, Taulia can help automate invoicing and payment processes, which in turn lowers the cost of handling support calls from suppliers who have had their invoices disappear into the ether. It also helps to optimize and maximize supplier discounts for those companies.
Meanwhile for suppliers the platform simplifies the process of submitting an invoice, while also providing more visibility into where they are in the payment approval process. More importantly, by doing so it can speed up the amount of time it takes a supplier to get paid, and enables suppliers to get short-term supplier financing based on invoices that have been approved for payment.
Increasingly, the company’s clients are global, including the likes of PG&E, Hallmark, Coca-Cola Bottling Co. and Graphic Packaging International. Those global businesses need support in all the markets where they have suppliers. Taulia got its start in the U.S. and has expanded to Europe with launch of an office in London. Now it’s looking to open up more regional centers in Asia-Pacific and Latin America.
The additional Series D financing will be helpful in launching into new markets not just because it has more capital, but also thanks to the strategic nature of the investors that have come on board. New investors include EDBI, the corporate investment arm of Singapore’s Economic Development Board, as well as BBVA Ventures, which is the corporate venture arm of Spain’s BBVA Group.
According to Taulia CEO Bertram Meyer, EDBI’s stake in the company will help as Taulia looks to open a new regional headquarters in Singapore. That headquarters will serve all of the Asia-Pacific market, including its clients in Japan and Australia.
Meyer says the company chose to settle there because it was being pulled there from customers in that region. “Three of our largest customers are headquartered in Asia,” he said, with each of those customers doing between $50 billion to $120 billion in business.
The BBVA investment, meanwhile, is poised to open up the Latin American region for the company. BBVA is the second-largest bank in Spain and has a strong presence in a number of Spanish-speaking countries. While expansion into Asia comes first, Taulia expects to at some point open a similar regional headquarters either in Mexico or Brazil at some point.
Taulia now has about 180 employees spread out through offices around the world, which is up from 100 at the beginning of the year. In addition to its San Francisco headquarters, the company has offices in Park City, Utah; Austin, Texas; and London.