DUBLIN-BASED software firm BriteBill has raised €1.2 million in funding. The financing from the Ulster Bank Diageo Venture Fund, which is managed by NCB Ventures, will go towards helping BriteBill expand its business in Britain and Europe next year.
The company offers technology for interactive paperless billing, which can be customised for the delivery, personalisation and payment of bills, invoices and statements over the internet.
Chief executive Alan Coleman said BriteBill was building a global company that was “revolutionising” interactive billing.
“[The funding] is reflective of the ambition of the company,” he said.
BriteBill has moved quickly. Set up in January 2010, it focused initially on a consumer offering, GetItKeepIt.com,that would allow customers to aggregate bills in one location and manage their finances more easily.
The company spotted more opportunities, however, and began to focus more on its BriteBill solution. “
It’s been a very quick year in terms of the company’s evolution,” Mr Coleman said.
The firm raised seed funding of €400,000 from Enterprise Ireland and angel investors in May.
BriteBill’s clients include mobile operator 3 Ireland, and Mr Coleman said there are more deals in the pipeline, including one major contract it is pursuing in Ireland and deals in Britain, where it also has an office.
The company is also chasing deals across Europe, Mr Coleman said there has been interest from potential clients in Germany and Austria, with BriteBill eyeing Spain as a possible market for its services. The US also presents a possible market for BriteBill, he said.
“We’ve seen demand for what we’re doing in lots of different markets,” said Mr Coleman. “It’s very encouraging.”
Partner in NCB Ventures Will Prendergast said poor software and design had previously held back adoption of electronic billing.
“Service providers are encouraging customers to move towards electronic bill presentment and payment, as it enables them to realise significant cost savings,” he said.
“BriteBill has created a solution to this by developing user-friendly software that delivers a fully interactive, online service for customers to pay their bills.”
Mr Coleman said the company also intends to expand its Irish workforce, growing from its current eight to about 20 by the end of the year.
