Angel accelerated ReceiptHero receives 2M€ funding
December 10, 2020
ReceiptHero, the Finnish fintech company that has built an open ecosystem for banks and merchants to power itemised digital receipts, has raised €2 million in seed funding. The round is led by Finnish venture capital firm Lifeline Ventures with participation from Superhero Capital, and Sweden’s Vidici Venture.
Founded in late 2018 after their previous startup, eTasku (the Expensify of Finland, which was acquired by Accountor Group), the team was not finished digitalizing the receipt handling process and started to build what is today an end-to-end platform for transmitting digital receipts from merchants to customers banking or account platforms.
ReceiptHero entered FiBAN deal flow in late 2018 and was selected to pitch in FiBAN Pitch Finland event. Chair of ReceiptHero Teemu Varpanen found the case already from the screening and took the team under his wing to secure their angel funding round right after the pitch.
“ReceiptHero is a good example of how VC’s can use the Angel funding as an incubator for good cases.”
“Finding a ‘would be a unicorn’ -company from FiBAN deal flow emphasizes the potential of FIBAN’s deal flow funnel. Participating in the deal flow process is a great way to get visibility for a wide group of companies – with other angels in the peer-review process. ReceiptHero is a good example of how VC’s can use the Angel funding as an incubator for good cases.”, says Teemu Varpanen, Chair of ReceiptHero and Vice-Chair of FiBAN.
“It still feels that investors typically have their eyes on the deck and what has been done so far and when it comes to startups that really is not the case. There should be more pressure on the team since the deck can always be changed. We had options on the table but we decided to go with angel funding since we were not only after the money but activity and knowledge and it felt that our chemistry matched well with the angel who joined.” ReceiptHero’s co-founder and CEO, Joel Ojala.
Joel Ojala, CEO, ReceiptHero
Teemu Varpanen, Chair of the Board, ReceiptHero
Antti Viitanen, Deal Flow Manager, FiBAN