Zurich-based venture fund Lakestar has led an $18m Series C funding round for payment management specialist Taulia.
Existing backers Matrix Partners, Trinity Ventures, TELUS Ventures and DAG Ventures also participated in the round.
Lakestar, which is managed by German venture capitalist Klaus Hommels, led the $12.5m initial closing, which was followed by a secondary closing of $5.5m to meet market demand.
Taulia provides cloud-based invoice and payment management software to clients that include Coca-Cola Bottling, Pfizer, Pacific Gas & Electric, Hallmark and John Deere. The company has expanded rapidly since its launch in 2009 and expects to experience 300 per cent growth this year.
Taulia CEO Bertram Meyer said, “Making supplier financing easier and less expensive to acquire will accelerate the recovery of the world economy.
“Demand for our products has tripled in just a short number of months and this round of capital is in direct response to the growing global opportunity.”
One of the company’s existing investors, Matrix, recently co-led a $16m Series A financing round for computer game-focused virtual reality headgear maker Oculus VR.
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