APRON Secures $30 Million in Series B Funding
On September 25, 2024, APRON, an innovative business payments platform aimed at small and medium-sized businesses (SMBs), announced that it has successfully raised a significant $30 million in its Series B funding round. This fundraising achievement comes on the heels of a remarkable 20x increase in its SMB customer base since its Series A funding round in September 2023. The investment was spearheaded by Zinal Growth, a tech-focused fund managed by Guillaume Pousaz, the founder of Checkout.com. Notably, the round also attracted participation from esteemed investors such as Tony Fadell, the creative genius behind the iPod and Principal at Build Collective, and existing backers like Index Ventures and Bessemer Venture Partners.
The primary aim of this fresh influx of capital is to bolster APRON's product and engineering teams, strategically preparing for the upcoming launch of an advanced expenses management tool.
With a mission to digitize and streamline the payments process for numerous small business owners, APRON is tackling the widespread pain points associated with receiving and managing payments. In fact, SMB owners often find themselves spending up to 20% of their workweek handling invoices and associated administrative tasks, detracting from their core focus of serving customers effectively. The stark reality remains that over 80% of SMBs in the UK struggle with cash flow issues, leading to a significant failure rate among these enterprises.
Founded in late 2021 by Bogdan Uzbekov, a former product leader at Revolut, APRON operates on a mission to revolutionize the experience of B2B payments. By enabling businesses and accountants to receive, approve, and reconcile invoices in a matter of seconds, APRON facilitates a more efficient payment process that ultimately fosters business growth. The company's unique approach, which emphasizes seamless interaction between suppliers, buyers, and accountants, allows SMBs to reclaim valuable time that can be redirected towards enhancing their core business operations. As the platform continues to grow, it has already started processing thousands of invoices and millions in payments daily, demonstrating its integral role in empowering small businesses to thrive amidst ever-present financial challenges.
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