Today from Captio we bring good news. Our company travel expenses management platform and our commitment to innovation are growing by leaps and bounds. And now Captio has managed to close a financing round of €1 million. We explain it in the following post.
The project to convert Captio into the leading travel expenses management platform is no longer a pipe dream the way it seemed when we started back in 2012. In fact, our project has very quickly become consolidated. Figures, such as the fact that the company tripled its turnover and number of users between 2014 and 2015, bear this out. Every day there are more customers who rely on us and we are enormously grateful for this. The Captio offering bases its value on two fundamental pillars. One is the approval by the Spanish Tax Agency of the digitisation process, which enables paperless management while taking into account legal considerations. The other is the scanning engine based on the automatic recognition of data documents, eliminating the usual manual tasks in the processing of expense reports. The Captio app allows scanning of the invoices and automatic extraction of their data, transforming the traditional flow of reporting and monitoring, which is still anchored to paper formats in many companies, into an entirely digital process. In addition, innovation is one of our growth engines and is one of the corporation's values.Now with the injection of this new round of financing we will be able to continue to expand the range of features on the digital platform. The investment will also be used to grow in international markets and to strengthen the presence of Captio in England, France and Latin America.
Investors bet on the growing SaaS sector
Banc Sabadell, through Sabadell Venture Capital, has made an investment of €500,000 Venturcap, Bankinter, Telegraph Hill Capital and Kibo Ventures have invested the remainder of the amount. Thus, we can see a materialisation of the commitment of investors to the growing sector of SaaS (Software as a Service) and, specifically, to TEM (Travel and Expense Management), a new paradigm of corporate travel management expenses which provides significant savings in this process.