Tesorio raises $10M Series A to help companies track their cash flow
Tesorio, a startup that helps businesses aggregate and analyze their cash flow data, today announced that it has raised a $10 million Series A round led by Seattle’s Madrona Venture Group. Existing investors First Round Capital, Floodgate, Y Combinator, Fathom Capital and Fuel Capital. This brings Tesorio’s total funding to $17 million. Madrona’s Hope Cochran will join the company’s board.
The company is tackling an interesting market that is surprisingly underserved given that every company likely wants to be able to track its cash flow as closely as possible. In most companies, though, that’s still done with the help of Excel spreadsheets. The fact that Jeff Epstein, former CFO of Oracle; Ron Gill, former CFO of NetSuite; and Greg Henry, CFO of Couchbase and former SVP of Finance at ServiceNow all gave angle funding to Tesorio shows how big a problem this is.
“Billion-dollar companies are running their cashflow in Excel — and that’s real,” Tesorio co-founder and CEO Carlos Vega told me. “What that doesn’t allow you to do is use all that data that goes into that cashflow in a smart way. […] Imagine all of that could be connected and interconnected — and that’s basically what we’re
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