# Shoeboxed

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

- Industry: Internet
- Headquarters: Durham, US
- Website: www.shoeboxed.com
- Total disclosed funding: $1.4M
- Latest round: Series B (Jun 14, 2011)
- Investors on record: 2

## About

Shoeboxed Inc. provides a streamlined receipt scanning and expense management solution, helping individuals and businesses effortlessly organize their financial records, ensuring compliance with regulatory requirements.Founded in 2007, Shoeboxed Inc. operates from Durham, US, specializing in receipt scanning and expense management. The company was acquired by Earth Class Mail, Inc. in August 2018, though financial terms were not disclosed. The founder's identity and history are not publicly available. Shoeboxed has completed a total of 5 deals, with its latest funding round being a VENTURE DEBT of USD 0.50 mn on August 22, 2018, bringing the total amount raised to USD 1.43 mn.Shoeboxed offers a comprehensive receipt scanning and expense management solution designed to simplify financial record-keeping for individuals and businesses. The core product is its receipt scanning app, which enables users to scan, upload, and manage receipts efficiently. Users can send physical receipts using pre-paid Magic Envelopes or scan them using the mobile app available on iOS and Android devices. The app employs Optical Character Recognition (OCR) technology to extract relevant data from receipts, which is then human-verified for accuracy. Shoeboxed's services cater to a diverse clientele, including freelancers, small business owners, accountants, and larger organizations, providing them with tools to manage expenses, prepare for tax seasons, and maintain organized digital records. The product is primarily marketed in the United States, Canada, and extends to other international markets, allowing users to comply with IRS and CRA regulations regarding electronic receipt storage.Shoeboxed operates on a subscription-based revenue model, offering various pricing plans tailored to meet the needs of different customer segments. The Startup plan is priced at USD 29 per month and allows users to send up to 300 physical documents annually, while the Professional plan offers more extensive options at a higher tier, accommodating 1,800 documents per year. The flagship product includes features such as unlimited storage, human verification of scanned data, and integration with popular accounting software like Quickbooks Online. Additionally, the business provides a Digital Only plan starting at USD 4.99 per month. By facilitating seamless expense management and receipt organization through its subscription services, Shoeboxed generates consistent revenue from its client base, which includes both direct-to-consumer and B2B transactions. The structure of these transactions is designed to ensure that users can easily access and manage their financial documentation, thereby streamlining their financial processes.Shoeboxed's strategy for future growth includes the design and launch of new products aimed at enhancing user experience, although specific release dates have not been disclosed. The company is also exploring expansion into new markets, focusing on reaching audiences in Europe and Asia by 2024. The recent funding from the VENTURE DEBT round will be utilized to support these initiatives, particularly in product development and geographic outreach, ensuring the company can cater to a broader clientele while maintaining operational efficiency.

## Funding rounds

- Series B, Jun 14, 2011, $1.4M — Novak Biddle Venture Partners
- Series A, Jun 1, 2009 — STS Ventures

## Investors

- STS Ventures (https://capitalatlas.ai/funds/sts-ventures) — Series A
- Novak Biddle Venture Partners (https://capitalatlas.ai/funds/novak-biddle-venture-partners) — Series B