Private equity growth and venture capital fund Catalyst Romania and an investment company GECAD Group have announced they are jointly to inject €m into a local online invoicing software specialist Smart Bill.
Catalyst is financed by Jeremie programme, a joint European resources for micro and medium enterprises, which is a joint initiative of Directorate-General for Regional Policy of the European Commission and the European Investment Bank Group. The programme has been designed to provide finance for SMEs in the EU. Gecad Group is a Romania-based investment company with a focus on software and hi-tech companies, including security software, cloud technologies, eCommerce and e-payments.
Smart Bill, which was founded in Romania in 2007 by three entrepreneurs, delivers online voicing software platform to over 30,000 clients locally. Its cloud invoicing product which was first introduced in 2014 gives access to multiple users at the same time and enables invoicing and issuing documents in less than 30 seconds.
“For Smart Bill, this investment means going to the next level. Along with the capital increase, a big gain is the fact that we will have the opportunity to work with Marius Ghenea and Radu Georgescu, two renowned and experienced entrepreneurs in building successful companies. Our objectives for the next years are to strengthen our leading position on the invoicing and cloud management market in Romania an also to pursue other opportunities, like e-invoicing and even penetrate other markets,” comments Radu Hasan, CEO of Smart Bill.
“Smart Bill is on a strong growth trajectory and has impressed us with their unique combination of a talented team, specific expertise and innovative approach. We are keen to help Smart Bill accelerate its growth and further strengthen its position in Romania,” says Marius Ghenea, 3TS Catalyst Romania Investment Director.