Investing in Early-Stage Technology companies out of PENN

MentorTech Ventures

Investing in Early-Stage Technology companies out of PENN

MentorTech Ventures

14/08/2006

 

NeatReceipts Rides the Wave of Recent Success and Lands $5.5 Million Investment

Record Sales and Growing Popularity of Award-Winning SCANALIZER Product Draws Support from New Investor - Edison Venture Fund"

PHILADELPHIA – August 14, 2006 –– NeatReceipts (www.neatreceipts.com), a company committed to developing user-friendly scanning solutions, today announced that is has secured a $5.5 million investment from Edison Venture Fund.  Recognizing growing demand for the popular NeatReceipts SCANALIZER, record sales and rapid company growth in the past year, Edison has validated the company’s product vision with this new round of funding.  The funds will be used to fuel the expansion of sales programs, marketing awareness campaigns and further product development.  NeatReceipts is owned by DigitalBP and provides scanning productivity solutions for individuals, business professionals and organizations of all sizes.

Fueled by a combination of technology innovation and a highly effective marketing strategy, NeatReceipts has tripled total sales from 2005 within the first half of 2006.  Contributing to this record growth was NeatReceipts’ comprehensive and effective channel program which offers resellers a quality and highly in-demand product, backed by strong in-house customer support and frequent product updates. 

“NeatReceipts experienced entrepreneurial team has demonstrated a unique ability to advance technology innovation based on customer insight,” observed Michael Kopelman, Edison Vice President.  “The company continues to listen to customers and customize the SCANALIZER’s functionality to meet their unique expense tracking and document storage needs.”

Currently sold at Staples, Fry’s Electronics, Amazon.com and TigerDirect, as well as www.neatreceipts.com, the patented NeatReceipts SCANALIZER allows users to effectively organize, analyze and manage their expenses and paper clutter.  Its one-touch scanning process automatically rotates, crops, brightens, sizes and stores documents as a permanent digital record.  The solution uses patented Optical Character Recognition (OCR) technology to transfer data from receipts, business cards and other important documents into an easy-to-read spreadsheet format that can be exported into Quicken, QuickBooks, Excel, Word, Money and other popular programs. 

In addition to a robust channel sales strategy, NeatRecipts has also attracted new customers through an aggressive and wide-spread marketing communications campaign aimed at introducing the benefits of NeatReceipts SCANALIZER to potential customers across the U.S.  Early in 2006, the company was featured in numerous prominent media outlets such as CNBC’s “PowerLunch,” Martha Stewart’s “Martha,” PC World, InformationWeek, and The Orange County Register.  NeatReceipts SCANALIZER also received the acclaimed Editor’s Choice Award from Laptop magazine.
“This second round of funding equips us to deepen our commitment to addressing consumer’s organizational needs and to expand the range of products and services we can offer,” said Les Spero, co-founder and CEO of NeatReceipts.  “We have witnessed incredible success to date both in the sales arena and through the excited response we receive when introducing our product to new markets through various marketing vehicles.  We are eager to continue brand awareness initiatives and anticipate greater adoption as we reach more consumers, business professionals and organizations.” 

NeatReceipts first received funding from Ben Franklin Technology Partners from May 2003 – May 2006 in four different investments over a 3 year period, while MentorTech Ventures invested in August 2005.

About NeatReceipts:
Founded in 2002, NeatReceipts is dedicated to providing user-friendly scanning solutions that reduce paper clutter and simplify paperwork for individuals and businesses.  The patented NeatReceipts SCANALIZER is a multi-purpose scanning solution that scans, analyzes and organizes paper receipts and business cards into easy-to-read digital spreadsheets.  NeatReceipts is a privately owned company headquartered in Philadelphia. For more information please visit www.neatreceipts.com.

About Edison Venture Fund
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies.  Edison provides capital and value-added services to expansion stage ($5 to 20 million revenue), information technology businesses.  Initial investments range from $4 to 7 million.  Edison typically serves as a sole or lead investor in financings up to $10 million.  In addition to providing growth capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases. Edison’s 15 investment professionals are based in three offices: Lawrenceville, NJ, West Chester, PA, and McLean, VA.  Industry specialties include application software, communications, financial services, healthcare and pharmaceutical IT and electronics.  Edison currently has $480 million under management and is actively making new investments.
www.edisonventure.com.