Paperflow in a DKK 9 million capital injection backed by existing shareholders.
Paperflow, a Copenhagen, Denmark-based company developing a software as a service solution for the financial industry, announced that it raised a capital round of DKK 9M ($1.5M).
The money was raised from existing investors of the company, including Lars Seier Christensen (Seier Capital), Preben Damgaard (Damgaard Company) and JSBJ Capital. The new capital in Paperflow will be used to hire more employees and improve the product
Paperflow, founded as Bilagsca in 2015 by Toke Kruse and led by CEO Jesper Hendriksen, developed a cloud-based system that, using artificial intelligence, scans and handles vouchers such as receipts or invoices, so that the manual posting is done automatically. The company has customers from the Nordic countries, Germany and the United Kingdom.
Paperflow previously raised $2.3 million in 2019.