Rimilia raises $25m funding, Keenan Burgess

Worcestershire, UK based cash allocation technology company Rimilia has raised $25m in growth funding led by Kennet Partners and Eight Roads Ventures. Rimilia’s flagship product, Alloc8 Cash, uses machine learning to help companies immediately match invoices to payments received, reducing the amount of manual work required. Another product, Alloc8 Collect, manages the collection of outstanding balances by using predictive analytics to prioritise which customers to chase for payment.

{

With clients across Europe and the US including Avis, Hitachi, Santander and Travis Perkins, it currently employs over 70 people at its Midlands headquarters in Bromsgrove, England, a place which couldn’t be more different to Silicon Valley if it tried. Hillel Zidel, managing director of Kennet Partners, who will join the Board, said: “Rimilia is a bootstrapped success story, having grown rapidly since it was founded without raising any external capital. Businesses are increasingly prioritising investment in intelligent automation and we believe that Rimilia has a great opportunity to become a global leader in the automation field.” Davor Hebel, head of Europe for Eight Roads Ventures, who will also join the Board, said: “Rimilia is one of the UK tech scene’s hidden gems, built in the Midlands and solving a genuine problem.”

https://techcrunch.com/2017/07/24/accountants-get-worried-rimilia-raises-25m-growth-funding/