An Israeli Autonomous billing platform Anchor has closed a $15 million seed funding round led by Rapyd Ventures, Entrée Capital, and Tal Ventures yesterday.
The fresh capital will be used to grow its team beyond its current workforce of 16, connect with new partners, and increase marketing efforts.
Founded in 2019 by Rom Lakritz, who serves as CEO, Leeor Aharon, CTO, and Omry Man, CRO, Anchor is headquartered in Tel Aviv and offers a full cycle, autonomous, end-to-end billing and payments solution for small- to medium-sized businesses (SMBs).
“The challenges of billing and collections, which make paying a vendor a hefty process, stem from the human element,” said Lakritz.
“If people could trust the invoices they receive from service providers just like they trust machine-generated invoices from their Spotify and Amazon accounts, billing and payments would no longer be a painful process, and cash would easily flow in a market estimated at over $120 trillion annually,” he said.
Anchor’s solution links client payment information with a service provider’s tech stack to automatically populate and send invoices. When payments are released, collections and reconciliation happen automatically.
“We knew immediately that Anchor was a company in which we wanted to invest,” says Arik Shtilman, CEO of Rapyd. “It has its finger on the pulse of the future of payments and has built a modern framework for B2B payments and billing, poised to become necessary for every business.”
Avi Eyal, co-founder and managing partner at Entrée Capital, said the B2B payments sector is “highly fragmented” because each vertical is unique and needs “some level of specialization.”