Toku, a Santiago, Chile-based platform that optimizes collections for subscription companies, announced that it raised $7.15 million in a seed round led by F-Prime Capital, Honey Island, and Wollef.
Previous investors FundersClub, Clocktower, and Angel Investors Matías Muchnik (NotCo), Sebastián Kreis (Xepelin), Santiago Lira (Buk), and Daniel Guajardo (HealthAtom) also participated in the round.
With the new funding, Toku moves one step forward towards serving 50,000 companies throughout Latin America and reaching over 100 million final consumers.
Toku was founded with the aim of providing subscription companies with a streamlined, intelligent software solution for collection management.
"With this latest investment, we are poised to continue revolutionizing the way companies collect payments in Latin America, with a goal of serving 50,000 companies and more than 100 million customers," said Cristina Etcheberry, Co-Founder & CEO. "Our main focus for investment and expansion is in Mexico, one of our most important markets. We'll be developing new offerings, improving existing products, and reaching new customers, as well as hiring more talent. We're also preparing to open new markets in Brazil, Colombia, and Peru, and will begin a discovery process in new countries throughout the region."
The company offers a SaaS platform designed to streamline payment collection for subscription-based companies. The platform offers companies full control over their collection process, including the ability to use their own brand image and offer a comprehensive payment solution to their customers.
In just over a year, Toku has grown significantly, increasing its revenue by over 7 times, and opening a new market in Mexico. Renowned companies such as Security SAT and Essbio have already adopted Toku's solutions with great results.
Company: WorkCo, Inc.
Raised: $7.15M
Round: Seed Round
Funding Month: March 2023
Lead Investors: F-Prime Capital, Honey Island, and Wollef
Additional Investors: FundersClub, Clocktower, and Angel Investors Matías Muchnik, Sebastián Kreis (Xepelin), Santiago Lira, and Daniel Guajardo
Company Website: https://www.toku.com/
Software Category: Token Compensation & Tax Compliance
About the Company: Founded in 2020, Toku is on a mission to revolutionize the way companies collect payments in Latin America. The company is revolutionizing the collection management process for subscription companies, providing intelligent payment optimization software that solves the problem of manual and inefficient collection in Latin America. Hundreds of companies, such as Security SAT and Essbio, optimize their collections under their own brand image, with full control over the process, and provide their customers with a comprehensive payment solution.
Source: https://www.prnewswire.com/news-releases/toku-raises-usd-7-15-million-in-seed-round-to-revolutionize-subscription-payments-in-latam-301778995.html