Receipt management software company Shoeboxed, which last year crossed the threshold of 500,000 users across the world, has now reached another milestone: profitability.
April marks the first month of profitability for the Durham company, whose software allows users to manage their receipts in the cloud for paperless expense keeping and accounting. Lead Customer Advocate Emily Farrar said that the company’s profitability tracks with strong business growth, some of which has come by partnerships.
Partnerships introduce Shoeboxed to a broader array of customers. A partnership with Fujitsu, for example, offers consumers who purchase a Fujitsu ScanSnap scanner the opportunity to download free Shoeboxed software for the device. After the installation any scanned receipt on the Fujitsu scanner is automatically added to the user’s Shoeboxed account.
Shoeboxed’s list of partners includes Evernote, Intuit and Hewlett-Packard. As cloud-based accounting tools gain in popularity, Farrar says Shoeboxed expects to ride that wave of growth.
Farrar declined to disclose any sales figures for privately-held Shoeboxed. But she said that Shoeboxed’s revenue tripled revenue last year and the company is on track to do the same this year.
Shoeboxed was founded in 2007 by then Duke University student Taylor Mingos. The company launched as a website that offered users a free service to manage online receipts, track purchases and control the number of e-mails they receive from online retailers. Mingos, now Shoeboxed’s CEO, was unavailable for comment.
Shoeboxed’s basic software is still free though the company offers premium plans for heavier users that start at $9.95 per month. The company has also added additional features and tools. A year ago, the company launched its Web Clipper, a free tool that can submit information from a Web page directly to Shoeboxed. No more printing something out only to scan it. The Clipper allows confirmation pages, eReceipts or any other online document to be sent to Shoeboxed. But last year the Web Clipper was available only on the Chrome browser. This month Shoeboxed made that tool available for Mozilla Firefox, Safari and Internet Explorer.
“It was very popular with our users, we decided to build one that works on all Browsers,” Farrar said. “What we really want to do is make it easy for our users to get documents where ever they may be.”
Shoeboxed’s more than 500,000 user accounts are located in 100 countries. The company currently employs 60 in offices in Durham and Sydney, Australia. Shoeboxed is backed by venture capital firm Novak Biddle Venture Partners, which led the company’s $2 million series B round. Farrar said that because the company is profitable, Shoeboxed is not seeking additional outside funding at this time.
