Nipendo, a company with a business-to-business Software-as-a-Service network for managing invoices and other processes, has taken on $8 million in Series B venture funding. Horizons Ventures led the round. The money, which brings the total the company has raised to $12 million, will help Nipendo add business in the United States. It already operates in France, India and Israel.
The first version of the product became available in 2010, Co-founder and CEO Eyal Rosenberg said. Now several enterprises in Israel use the product, along with some in the United States, such as Hewlett-Packard (s hpq), IBM (s ibm) and Pfizer. (s pfe) The customer count has passed 3,500, Rosenberg said.
Nipendo faces competition from IBM’s (s ibm) Sterling Commerce and SAP’s Ariba. But legacy systems can take months to connect a vendor and a supplier, Rosenberg said, and Nipendo can do that in just a few hours, and it can also cooperate with enterprise-resource planning products from legacy vendors. As for newer competitors, such as Tradeshift, Rosenberg said, “The competitive advantage … is that we cover a much deeper space of this area, where we manage the whole process and we validate everything.”
Enterprises certainly can benefit from software that brings together invoices and other kinds of paperwork, instead of keeping it spread out on paper and in emails. The question is whether Nipendo will stand out as the top SaaS choice internationally.
This story was corrected on March 12 with the correct spelling of the venture-capital company that funded Nipendo, Horizons Ventures. Horizon Ventures, a different company, has not funded Nipendo.