Billogram picks up $1.18m for smoother invoicing

Swedish invoicing startup Billogram has raised $1.18m in a round of venture funding.

The capital comes from Edstra Venture Capital and angel investors.

The company’s cloud-based software is targeted at small businesses with the aim of making it easier to track incoming cashflow and payments.

The platform is also designed to improve communication between businesses and clients by adding more transparency to the process.

The Stockholm-based startup say it will use the financing to double its workforce from 10 to 20.

Billogram will also increase it advertising efforts and begin to target corporate businesses as new clients.

The company claims its sale grew 50% last year with revenue coming from fees charged per invoice sent.

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