Apruve, a Minneapolis-based financial-technology startup that makes software for B2B credit management, has closed on $6 million in funding, the company announced today.
The round was led by San Francisco-based Cloud Apps Capital Partners. TTV Capital and Allegis Capital, who previously invested in Apruve, also participated.
Apruve helps its customers handle invoicing and payment processes between businesses. Apruve collects payments from its users' customers, allowing users to get paid within 24 hours. The company generates revenue by charging a fee ranging from 1 percent to 2.75 percent on the orders they process.
"Our goal is to help companies realize the sales advantage of giving their customers an account to purchase against without putting their own cash flow at risk," Apruve CEO Michael Noble said in a statement.
In 2016, Apruve raised $2.25 million and used the funds to add to its teams in marketing, sales and software development. The company has several large customers, including Boxed and Texas Instruments.
Apruve is the 19th largest SaaS company in the Twin Cities, according to a survey from the Minneapolis/St. Paul Business Journal.
Apruve said that it will use the new funding to grow its Minneapolis team and support its research and development efforts.
