Ordway, a billing and revenue automation platform, raised $10 million in Series A funding led by CRV with participation from Clocktower Ventures and existing investors Lerer Hippeau and Revolution’s Rise of the Rest Seed Fund.
The company plans to use the new funds to scale its go-to-market strategies.
Used by companies across multiple industries (including software development, logistics, finance, point of sale (POS), real estate, advertising, advocacy, and healthcare industries), the Ordway platform eliminates back-office inefficiencies, identifies revenue trends, and simplifies finance and operations tasks so personnel can focus on strategic growth activities.
The company’s clients include Ocrolus, Dispatch, BAO Systems, CircleCI, Springboard Retail, and Klara.
“The Ordway platform gives us confidence that our sales-to-finance tech stack is ready for the big growth we’re expecting,” said Conor O’Donoghue, CPA, CFA, VP of Finance of New York City-based Ocrolus. “Our legacy system couldn’t handle our hybrid prepayment contracts and on-demand business model where we price our offering based on the number of documents processed via our APIs. Ordway’s team understood our model, got us up and running in a matter of weeks, and all of the internal manual workarounds in our billing workflow are now gone.”
“Each and every company we invest in tends to have a different business model: pure subscription, usage-based, tiered, transaction-based, etc., and any combination of all of the above; it was surprising to realize there wasn’t an end-to-end billing and revenue management solution in the market that was flexible enough to deal with all that uniqueness, and yet easy to implement,” said Izhar Armony, Managing General Partner at CRV.
“Ordway was created to address that vast need in the market, and we are thrilled to partner with them to bring a modern software solution for the full Order-to-Revenue cycle to businesses anywhere.”