Investors Write Doxo a $10 Million Check to Help Eliminate Paper Bills
Doxo, which is trying to help customers and companies go paperless, has raised $10 million in a second round of funding.
The round was led by Sigma Partners, a new investor, with existing investors Mohr Davidow Ventures and Jeff Bezos’s venture arm, Bezos Expeditions, also participating.
The Seattle company lets people track bills by creating one digital filing cabinet for all of their expenses. Meanwhile, its pitch to businesses is that it eliminates the time and cost of printing and postage for sending paper bills in the mail.
Doxo is free to consumers and is not ad-supported. It charges businesses, which save money by eliminating the cost of sending bills in the mail.
The funding will be used to develop new features for the services, as well as to expand marketing and hire more developers.
In a release, Doxo’s CEO Steve Shivers says the addressable market in 2011 is huge, with businesses still delivering more than 85 percent of bills and documents in the mail.
Doxo’s consumer-facing business launched in October last year and is currently available on an invite basis on its Web site. However, its business-focused service, called doxoPay, went live earlier this month and serves companies such as Sprint and Puget Sound Energy.
The company’s first round of capital totaled $5.25 million and was led by Mohr Davidow Ventures and Bezos Expeditions.