LEHI, Utah — Document management company, eFileCabinet, announced today the successful Series C funding round which has secured $11.5 million to help more businesses increase operational efficiency and get back to the work that matters. Funding was led by existing investors Allegis Capital and Signal Peak Ventures, which are now joined by Camden Partners, Allegis Nippon Life and Oquirrh Ventures II. Additionally, eFileCabinet welcomes Todd Sherman of Camden Partners to its board of directors.
“eFileCabinet is rapidly expanding today servicing more companies that, more than ever before, need to bring better operational efficiency to their business by automating cumbersome business processes and using intelligent, secure document management,” said Jesse Wood, CEO of eFileCabinet.
New capital will afford the company to expand efforts into industries that would most benefit from document management including insurance, healthcare, and human resources.
eFileCabinet offers its unique SaaS product, Rubex, which combines several essential business functions for organizations in any industry. Much more than document storage, Rubex enables companies to streamline the day-to-day processes that are a distraction from the work that matters. A powerful Document Management Software allows them to reimagine business processes so they can get back to why they got into business in the first place. Document management means never losing essential documents or wasting time on inefficient processes — and it can all be done remotely. From intelligent automation of documents to encrypted file-sharing, eFileCabinet empowers businesses to work efficiently and compliantly.
“We’re excited to partner with Jesse and his team at eFileCabinet,” Sherman said. “They have developed a best-in-class electronic document and cloud storage solution, coupled with a streamlined workflow automation. As companies work remotely during the pandemic and beyond, the need to share documents in a secure, organized manner is sure to continue. We look forward to working closely with eFileCabinet to continue to develop and refine products that help solve real-world customer problems in an evolving world.”
Sherman is a Partner of Camden Partners and joined the firm in 2007. He has led growth equity investments in software, fin tech and healthcare services companies. He currently serves on the boards of Ingo Money, Bluefin Payments, Implantable Provider Group, DialSource and eFileCabinet. He was previously a board observer on Paragon Bioservices (acquired by Catalent for $1.2 billion) and Ranir (acquired by Perrigo for $750 million).
Sherman started his career in public accounting at Arthur Andersen and Ernst and Young in Baltimore. He also worked at the U.S. Securities and Exchange Commission in the Division of Corporation Finance. He earned a B.S. in Accounting from Messiah University. He is also a Certified Public Accountant.
“AllegisNL Capital is an early-stage venture capital firm that invests globally at the intersection of technology, finance, and health,” according to AllegisNL. “Our inaugural $100M fund will be aimed at driving innovation in financial infrastructure, insurance, digital health, lending, payments, and personal finance.”
Signal Peak Ventures is a Salt Lake City-based venture capital firm that focuses on early-stage technology companies.
Since 2001, eFileCabinet has been perfecting its approach to intelligent organization to create one of the most advanced document management systems on the market. As a leader in document management, workflow automation, and secure file-sharing, eFileCabinet has been helping businesses increase profitability and growth by revolutionizing their outdated business processes.
About Camden Partners
Founded in 1995, Camden Partners is a Baltimore-based lower-middle market growth equity firm. For 25 years we have consistently focused on investing in growth-stage companies with enterprise values ranging from $10 million - $150 million. Leveraging our domain expertise in tech-enabled services and software, business services, and education, we partner with our portfolio companies to grow revenue and increase cash flow by setting organizational strategy and providing the growth capital to expand operations. Our target equity checks range between $5 million and $15 million, allowing us to be a preferred partner of choice for owner-operators of businesses who may be dilution sensitive. For more information, please visit Camden’s website: www.camdenpartners.com