Cambridge-based MineralTree, the fintech startup that automates accounts payable and payments for mid-market companies, raised $50 million in a Series C round led by Great Hill Partners. Existing investors including .406 Ventures and Eight Roads Ventures also participated in the round. The round brings the company’s total funding to $82 million.
MineralTree CEO BC Krishna noted that the funding will enable the company to accelerate its growth and to pursue mid-market companies with revenues in the range of $5 million to $500 million. Some of Mineral Tree’s clients include Baltimore Ravens, Appalachian Mountain Club, Boston Celtics, City National Bank and more.
Founded in 2010, the company doubled its staff as well as office space last year, moving floors in the same building in Cambridge Park Drive. With this new round of funding, Krishna noted that Mineral Tree will make investments in and hire for roles in R&D, sales and marketing, customer success and product management.
“We want to make sure our R&D team is top-notch,” Krishna said. “While the capital raise is meant to be used across the board, we will be making significant hires in these departments.”
In 2018, the company's revenue grew by 80 percent and added 15 new channel partners and payment volume on its platform exceeded $5 billion in 2018. The company also made key hires to its C-suite in the last six months: Chris Sands joined MineralTree as CFO and Micah Remley was named COO.
