doxo Raises Additional $10 Million Investment
doxo Raises Additional $10 Million Investment From Top Venture Firms Sigma Partners, Mohr Davidow Ventures and Bezos Expeditions
doxo, which provides consumers a secure digital file cabinet for receiving and organizing bills and other important documents, today announced it has closed its $10 million Series B financing to support accelerated growth of the company. For consumers, doxo saves time and makes it much easier to manage provider accounts and stay on top of bills and other critical tasks. For businesses, doxo delivers a path to massive growth in paperless adoption; eliminates the expense of printing, paper and postage; increases online customer engagement; and dramatically reduces environmental waste.
This most recent round of funding was led by Sigma Partners, and included existing investors Mohr Davidow Ventures and Bezos Expeditions (the venture investment fund of Jeff Bezos). The funds will support development of new product capabilities, expand sales and marketing of the doxo service, and accelerate hiring of Ruby developers, business development, implementation, marketing, and design roles.
“We started doxo because we were tired of dealing with the headache of paper mail and wanted to provide an approach that’s practical, customer-centric, and makes it possible for providers to finally achieve mass-market paperless adoption. It’s 2011 and businesses are still delivering more than 85 percent of bills and documents in the mail. Receiving bills and documents from providers is perhaps the only area of modern life where people still find the options available online less convenient than the paper alternative. That’s absurd,” said Steve Shivers, doxo co-founder and CEO.
Greg Gretsch, a managing director with Sigma Partners and former founder and executive of four start-up technology companies, is known for identifying exceptional entrepreneurs with creative ideas and supporting them in building great companies. His proven track record in successful investments as both an Angel and Venture investor include TalkingBlocks (HP), SlimDevices (Logitech), Postini (Google) and EqualLogic, which was sold to Dell in 2008 for $1.4B, making it the largest all-cash acquisition of a venture-backed technology company in history. Sigma Partners has invested in over 100 early stage companies and has over $2 billion under active management.
“We are thrilled to have Sigma on board,” continued Shivers. “Greg, like all the partners at Sigma, has the deep technology and operational experience crucial to building a strong business.”
doxo was first unveiled in October last year and is currently available on an invite basis for users via doxo.com. The company recently announced the availability of leading mobile operator Sprint (NYSE: S) and Kansas City Power & Light on the doxo network. Today, Puget Sound Energy (PSE), the utility serving the Seattle metro area, announced that it has also joined the doxo network and that its customers can now connect and go paperfree on doxo. Other providers on the doxo network will be announced soon. Earlier this month, doxo announced doxoPAY, the company’s bill payment capability that further simplifies the doxo user experience. Providers interested in joining the doxo network can find more information and enroll online for FREE with doxo’s Biller Success Team.
“Businesses spend more than $30B each year on mailing bills and other documents and need an innovative approach to drive paperless adoption. We see doxo as a critical catalyst to address this challenge,” said Gretsch, who also assumed a seat on the doxo Board of Directors. “Many companies have tackled how consumers make payments, but paperless adoption lags because there has yet to be a compelling and simple way for customers to interact with their providers that truly eliminates the need for paper. doxo’s ability to simplify organization and establish a direct connection with providers creates a new business model for providers and consumers.”
This latest round of investment completed doxo’s Series B financing. doxo received series A financing in November 2009 led by Mohr Davidow Ventures and Bezos Expeditions.
About doxo
doxo is pioneering the way that people connect and go paperfree with their providers. For consumers, doxo provides free secure digital file cabinet to receive, organize, pay, and file their bills and other important documents from multiple service providers, all in one place with one password. For businesses, doxo breaks through the barriers to paperless adoption, saving billions of dollars in printing, paper and postage costs, increasing customer engagement, and dramatically reducing environmental waste. doxoPAY, the company’s online bill payment capability, significantly reduces the average cost of payment transactions and helps speed collections. doxo investors include top-tier venture partners Mohr Davidow Ventures, Sigma Partners and Bezos Expeditions, the venture investment fund of Jeff Bezos. The company is led by experienced leaders from Qpass, Amazon, Snapfish, Blue Nile and Microsoft, who have driven consumer adoption of new online services and processed billions in consumer mobile and Internet transactions. doxo is headquartered in Seattle, Washington. More information can be found at www.doxo.com. simply organized. simply paperfree. simply doxo.