MSP billing vendor CloudOlive gains $750k of additional funding

The investment will be used to support product development and accelerate deeper integration

CloudOlive, a SaaS provider to aid billing management for MSPs, has undergone a second round of fundraising worth over $750k to bring the total amount raised to around $1m.

The SaaS provider's online platform allows MSPs to centrally manage and automatically reconcile any disparate SaaS supplier invoices against client billings and was born out of the Global Antler VC's incubator programme in 2020.

The programme had more than 1,600 applicants of which only 80 entrepreneurs were selected to take part in a 10-week programme of which only 12 recieved funding.

CloudOlive now claims to include over 55 suppliers including Microsoft CSP, Datto, Webroot and Sophos and is integrated with Datto Autotask PSA.

The business is led by former Autotask general manager Adam Ross and serial investor and engineering PhD Enrico Tam.

"The MSP market was new to me but it was apparent that there was a real need to connect the four layers of the MSP ecosystem comprising distributors, vendors, the MSP and their end client," co-founder Enrico Tam said.

"I was also blown away by how open everyone is to share and help one another. That a number of our early clients have invested in this latest capital raise is as good as a validation of that desire to help the entire industry, and a strong indicator that we are the right platform at the right time."

This new round of fundraising will support product development, including a per-user and bundle optimisation module, as well as the ability to solve more complex billing arrangements an MSP has such as splitting a single supplier tenant to many customer accounts, CloudOlive said.

It included investment from its own MSP customers and will also be used to "accelerate deeper integration with other MSP toolsets" including ConnectWise Manage Kaseya BMS, Syncro, Halo PSA, Xero and QuickbooksOnline.