Payments startup Sourcery announced new venture capital to propel its focus in the food and hospitality industries, reports said on Tuesday (Sept. 13).
A $5 million funding round led by Steadfast Capital and other existing backers will help Sourcery strengthen the technology behind its invoicing and B2B payments capabilities, the company announced. The funding will also be used to develop an accounts receivable solution for vendors receiving payment via the Sourcery platform.
“While the food and hospitality industry is one of the nation’s largest, there is still opportunity to provide greater efficiency through technology,” said Na’ama Moran, Sourcery founder and CEO, in a statement. “Ultimately, it’s our goal to help our customers streamline payments and invoicing and derive insights about pricing and supply so they can focus on growing their business and not on doing administrative tasks.”
Founded in 2012 in San Francisco, Sourcery offers an online portal for companies in the food and hospitality sector to manage cash flow and spend via accounts payable and invoice management solutions. Local restaurants, restaurant chains and corporate kitchens at companies like Airbnb and Dropbox use the solution, the firm said.
Sourcery added that it is readying to process $100 million worth of B2B payments this year alone. To date, the company has raised $7.5 million in venture funding.
Last year, another B2B payments company rolled out its own solution for this industry. CSI globalVCard revealed a partnership with procure-to-pay company BirchStreet to target the food and hospitality industry and provide supplier payment solutions.