The software-as-a-service company Circula offers an app-based solution for automated expense and travel expense accounting companies.
With the all-in-one solution for processing receipts, e-invoices and allowances, expenses are digitised in accordance with GoBD: the prerequisite for a paperless process.
Capnamic Ventures and Main Incubator have jointly invested a seven-digit amount in the Berlin start-up.
With the fresh capital, Circula will focus on further automation in scanning/auditing and the expansion of the solution for international companies.
Berlin - 03 April 2019: In many companies, reimbursement of expenses and travel expenses is still a paper- and time-consuming process. In Germany alone, 11 million business travellers submit receipts and lump sums to their employers every year. In total, out-of-pocket expenses are still handled in billions with Excel spreadsheets and paper forms. Such a procedure is not only time-consuming, but error-prone and subsequently cost-intensive.
Circula GmbH, based in Berlin, addresses these problem areas and provides an alternative to conventional processes with its software. With the complete digitalisation of the reimbursement of expenses and travel expenses, Circula reduces the amount of work and improves compliance in companies at the same time. This is because Circula's web app enables employees to upload their receipts directly for further processing - even by superiors or accountants - without media discontinuity.
"We are delighted that we were able to convince companies such as N26, Omio (GoEuro) and Onefootball with our focus on a remarkably simple user experience and the localization of our software. In 2019, a number of well-known companies will follow as customers and partners," says founder & CEO Nikolai Skatchkov. "With the fresh capital, we will continue to expand our team and prepare our solution for the expansion into new customer segments and markets".
"Nikolai, Roman and their team impressed us. We are convinced that Circula's team and technology are a perfect foundation for a successful company," says Christian Knott, Partner at Capnamic Ventures. "In many companies, the travel and expense processes are still manual and analogous. We believe Circula can greatly simplify and improve these manual processes".
"Through the main incubator, we invest in technologically exciting or compelling solutions that add value for our customers. With Circula, the very low integration effort of the software is what convinced us in our investment decision. The tool is ready for use in just a few minutes, and is therefore a lean alternative to existing systems and processes," reports Ulrich Coenen, Member of the Board of Managing Directors of Commerzbank for Marketing and Digital Banking and member of the Investment Committee of the main incubator.
Circula digitalizes the expense management processes of companies. The combination of simplicity, transparency, and compliance is changing the way business travelers, managers and accountants work together. Circula frees professionals in companies of all sizes from repetitive work. In 2018, the company received several awards for user experience and document replacement implementation, including from VISA Europe and KPMG Germany. Customers include companies such as Omio (GoEuro), Onefootball, N26 and Zenjob. The company was founded by Roman Leicht and Nikolai Skatchkov. Investors include Capnamic Ventures, Finparx, HW Capital and Main Incubator.
Phone: +49 30 588 49 101
About Capnamic Ventures:
Capnamic Ventures (www.capnamic.com) is one of Europe’s leading early-stage Venture Capital firms, with offices in Berlin and Cologne. The VC invests most of its funds in tech startups in the German-speaking region. Capnamic also joins forces with international co-investors. All portfolio companies are supported through Capnamic’s global network of investors and industry partners. The vast expertise of the Capnamic team includes more than 70 investments, a high turnover of successful trade sales and IPOs, as well as a strong entrepreneurial track record within the investment team. The general partners are Christian Siegele, Jörg Binnenbrücker and Olaf Jacobi.
Phone: +49 170 648 38 76
Capnamic Ventures Management GmbH
About the main incubator:
Main Incubator GmbH, or main incubator for short, is a wholly-owned subsidiary of Commerzbank. The company is based in Frankfurt am Main. As Research & Development Unit of the Commerzbank Group, the main incubator deals with future topics and emerging technologies such as Blockchain, Big Data, Machine Learning, Artificial Intelligence, Biometrics, Robotics, Virtual Reality, Cloud, Open API, Wearables, IoT as well as Quantum Computing. Through strategic investments in tech-driven start-ups, the main incubator accompanies innovations and makes them accessible to Commerzbank and its customers. The main incubator actively shapes innovations by developing its own prototypes. With the promotion of the tech ecosystem and the monthly series of events "Between the Towers", the main incubator pursues the goal of identifying innovations at an early stage.
Phone: +49 69 719 13 87 47