Merchant Innovation

Quote-To-Cash Startup Nabs $48 Million In Series C

Once businesses manage to get a handshake deal in place with a client, the modus operandi is usually to remove any and all obstacles in the client’s way to closing that sale. With a streamlined sales quote system from a fast-rising startup, frictionless transactions may soon be a reality.

SteelBrick, a quote-to-cash software startup, announced Tuesday (Oct. 13) that it had secured $48 million in a Series C funding round helmed by Institutional Venture Partners. This brings SteelBrick’s total funding war chest to about $78 million over the space of 18 months, and CEO Godard Abel believes his company finally has the financial foothold it needs to experience massive expansion.

“SteelBrick is about helping our customers grow revenue more quickly and more profitably. With our newly expanded Quote-to-Cash suite, we make closing deals as easy as possible for sales teams, while we help our customers quickly recognize revenue and collect cash,” Abel said. “We’re thrilled to now have the capital and support from world class technology investors to build the company of our dreams.”

SteelBrick’s sales proposal-generating software has already won more than a handful of proponents, as Fortune explained that more than 350 businesses use SteelBrick to accelerate burgeoning deals. The number of billings has skyrocketed more than 300 percent in 2014, as SteelBrick continues to offer a priority service to midmarket companies with 1,000 to 2,500 employees.

The Chicago Tribune reported that SteelBrick acquired London-based Invoice IT to its ensemble in September, with Abel heralding the move again.

“Now with Invoice IT, we can now take the next step and send that customer an invoice and actually collect the money — so it really helps our customers streamline their whole quote-to-cash process,” Abel told The Chicago Tribune.

SteelBrick and Abel plan on using the funding and new subsidiaries to scale well beyond its current stock of a few hundred clients.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.