# OpenEnvoy

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/openenvoy

- Industry: Software
- Headquarters: Oakland, US
- Website: www.openenvoy.com
- Total disclosed funding: $18M
- Latest round: Series A (Mar 10, 2023)
- Investors on record: 7

## About

Based in Nevada, US, and founded in 2020, OpenEnvoy, Inc. is a developer of an invoice auditing solution that automates the finance workflows and eliminates supplier fraud before it happens. The company was co-founded by Matthew Tillman and Parker Moore. In May 2023, OpenEnvoy, Inc. raised USD 15 million in series A funding led by returning investor RRE Ventures, with participation from other returning investors Coelius Capital, Hack VC, Riot Ventures, and Uncorrelated Ventures.

OpenEnvoy's software provides real-time automated auditing technology that detects discrepancies between invoices and contracts and helps the users correct any errors. It also provides a visual scorecard of all suppliers so users can choose who to deal with. The company also provides a complete full audit for freight companies.

The company generates revenue through monthly or annual subscription fees. OpenEnvoy charges USD 695/month for invoice auditing services and USD 1,495/month for audit and analytics. The company charges USD 50/month for every additional user.

OpenEnvoy plans to accelerate its 100%+ month-over-month growth (MoM) and revolutionize the way freight, media, and other highly variable cost industries manage suppliers, invoices, and contracts. It also plans to launch additional innovative self-serve products for finance and their development teams.

## Funding rounds

- Series A, Mar 10, 2023, $13M — RRE Ventures, Riot Ventures, Hack VC, Uncorrelated Ventures, Coelius Capital
- Seed, Dec 1, 2021, $5.5M — RRE Ventures, Firebolt Ventures, Riot Ventures, Hack VC, Uncorrelated Ventures, Coelius Capital, TnT Ventures

## Investors

- RRE Ventures (https://capitalatlas.ai/funds/rre-ventures) — Seed, Series A
- Firebolt Ventures (https://capitalatlas.ai/funds/firebolt-ventures) — Seed
- Riot Ventures (https://capitalatlas.ai/funds/riot-ventures) — Seed, Series A
- Hack VC (https://capitalatlas.ai/funds/hack-vc) — Seed, Series A
- Uncorrelated Ventures (https://capitalatlas.ai/funds/uncorrelated-ventures) — Seed, Series A
- Coelius Capital (https://capitalatlas.ai/funds/coelius-capital) — Seed, Series A
- TnT Ventures (https://capitalatlas.ai/funds/tnt-ventures) — Seed