March 19 (SeeNews) - Bulgarian paperless expense management provider Payhawk said that it has raised 3 million euro ($3.2 million) in a seed funding round led by Earlybird Venture Capital, with participation from Eleven Ventures and existing angel investors.
"This round comes only 18 months after we entered a very competitive market with well-funded players. Since then, we have experienced great market demand serving more than 1,000 users in 14 countries and quickly converting customers from existing alternatives," Hristo Borisov, CEO of Payhawk, said in a statement.
"We were impressed with the strong product DNA of the founding team and their relentless focus on customer experience. Payhawk has great market potential as every business needs a solution like this," Roland Manger, co-founder and partner at Earlybird, said.
Payhawk, which uses Berlin as sales headquarters, currently serves customers in 14 European countries.
($ = 0.9239 euro)