Sourcery, a digital payments platform founded in 2012, raised $5 million in venture funding in a round led by Marker LLC, the startup announced today. Sourcery’s digital platform focuses on accounts payable for restaurants and others institutions in the hospitality industry.
The funding — which brings the company’s total equity to $7.5 million — will be used to develop more “enterprise-focused” features, such as “the ability to see what is going on with each location, on a single interface,” said company Co-Founder and Chief Executive Na’ama Moran.
Unlike similar services, a customer only needs to scan an invoice onto the Sourcery platform, and the platform then pulls data from the invoice and sends its clients. For example, weekly emails and reminders are sent regarding the amount of money that can be paid out towards vendors, and users can also review all of the invoices scanned, then opts to pay by ACH or credit card.
Aside from developing additional features to simplify the process for its larger clientele — which includes Snap Kitchen, a fast-growing retailer in the food industry based in Austin, Texas, as well as corporate kitchens at Dropbox and Airbnb — the funding will also be used to include more features on the platform for better insights with big data.
According to Moran, now that Sourcery’s platform has processed payments for more than 1,500 vendors, it is also in a unique position to grow its accounts receivable services for those vendors.
“We know restaurant managers have no time, so we developed a solution that is as simple as possible,” says Moran.
Moran, a Stanford and Cornell alum, started Sourcery alongside her co-founder Peretz Partensky, who holds a Biophysics PhD from the University of California, after her last startup Zappedy was acquired by Groupon in 2011.
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