Trovata, a San Diego startup automating cash management, closed a $5.5 million seed round on April 30. Software-focused venture capital firm Fintop Capital and JP Morgan Chase both led the round.
Trovata helps companies see how much cash is flowing into and out of their business by automatically pulling data from banks and accounting systems. The startup was founded in 2016 by CEO Brett Turner, and currently focuses on serving companies with between $20 million and $2 billion in revenue.
“As former fintech operators, we think there’s huge potential for transformation in treasury services,” John Philpott, a partner at Fintop Capital, said in a news release. “Trovata is rapidly emerging and really well positioned to disrupt the space.”
Trovata will use the additional cash to grow its team, build out its sales and marketing and speed up product development. The company recently moved into a new office in Del Mar Heights, and hired its first chief technology officer, Joseph Drambarean.
With the recent funding round, Trovata will bring on two new board members: John Philpott, a partner at Fintop, and Tim Murphy, treasurer of mobile payment company Square. Jason Tiede, managing director and global head of innovation for wholesale payments for JP Morgan Chase, will join as a board observer.
“Not only will the additional funds allow us to quicken our pace, but adding such an accomplished group of executives from corporate treasury and banking to Trovata’s board to help us as we move forward is a tremendous boost,” Turner said in a news release.