19 March, 2018
Argentine fintech InvoiNet hunts for Series B capital

Invoice management and factoring platform targets Q4 for capital raise, CEO says

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InvoiNet, a cloud-based corporate finance service provider, is hoping to raise a fresh round of venture capital later this year, chief executive Pablo Sanucci has told iupana.

The Argentina-based startup is targeting a $20 million Series B round in the fourth quarter, Sanucci said.

“It’s a big challenge in Latin America. Any capital raising is difficult, but Series A can be done. Series B is much harder.”

InvoiNet is a platform that helps large corporates manage client billing, processing around a million invoices each month. Additionally, it offers a marketplace for creditor financing through factoring.

The Series B capital injection will drive further expansion of the company, particularly into Andean countries where electronic invoicing is picking up, Sanucci said.

The capital raise would follow InvoiNet’s Series A round in 2015. IFC, part of the World Bank group, participated in that round with a $4 million equity stake. The Accion Frontier Inclusion Fund, a global fintech-focused investor, also participated in the Series A financing.

The Series A funds were destined to help InvoiNet’s expansion into Brazil and Mexico, as well as to allow it to consolidate in its native Argentina.

New fund for digital factoring

Also on the cards for 2018 is a new fund to invest in some of the factoring operations on offer on the InvoiNet marketplace, said Sanucci. The company is working with some of its existing backers, as well as new ones, to set up an investment fund that will finance receivables over the platform.

“We’re working on building a funding vehicle, a fund of our own, to accelerate growth. We’re working with existing investors as well as new ones to accelerate growth of the financing operations.”

Sanucci discusses the growth and development of Invoinet in the latest iupana conversa podcast, available now in Spanish. He also shares his views on the advances, challenges and future of fintech in Argentina. Listen to it through the player above, in iTunes, or search for “iupana” on your preferred podcast player.

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