Paperless document management company eFileCabinet announced it has secured a $14 million Series B funding round led by Palo Alto, Calif.-based Allegis Capital and Signal Peak Ventures in Salt Lake, bringing the company’s total funding to $15 million.
With 153,000 users that includes small businesses and enterprises in the verticals of accounting, financial services, insurance, medical and small government, eFileCabinet automates the organization and managing of files on the cloud and on-premise. The company plans to use the funding for sales and marketing efforts and for strategic partnership and OEM opportunities.
“Companies across the board are adopting paperless solutions,” stated Allegis Capital managing director Spencer Tall. “eFileCabinet provides a one-stop solution that lets businesses easily go paperless in a secure, compliant and affordable fashion. The fact that eFileCabinet’s growth history is so impressive along with a platform that is scalable from SMB to enterprise made this a very attractive investment.”
Acting as a central facility for all working and archived files, eFileCabinet enables users to manage, retain, route and share files, integrate with office software like Microsoft and QuickBooks, and maintain HIPAA, SEC/FINRA and FERPA compliance.
“Companies going paperless want to do more than simply place files in the cloud,” stated Signal Peak Ventures managing director Ron Heinz. “eFileCabinet lets businesses choose from a suite of affordable, integrated services and software to put together a complete document management workflow. Users have no reason to look elsewhere—and that’s what makes eFileCabinet such a strong investment.”
“We’ve already seen incredible market traction across several verticals, and we couldn’t think of better partners than Allegis and Signal Peak to help take us to the next level,” stated Matt Peterson, eFileCabinet president and CEO.
