Integrated payments platform Chargezoom has raised $11.5m in a Series A funding round.  

The round was led by Kickstart Fund based in Salt Lake City. 

Motley Fool Ventures, Early Light Ventures, Frazier VC, Adly also contributed to the round as new investors. Chargezoom also secured support from existing backers SaaS Venture Capital, Stout Street Capital, and Okapi Venture Capital. 

This represents Chargezoom’s official entry in the Utah tech landscape, enabling the company to grow with the backing of Silicon Slopes’ early-stage venture fund. 

Alex Soffe from Kickstart said: “Chargezoom is leveraging AI and machine learning to solve crucial needs in the payment space that we’re not seeing anywhere else. We’re excited to support their mission to automate AR for growing businesses.” 

Chargezoom CEO and founder Matt Dubois said: “We’re thrilled to be building Chargezoom right here in Utah. Not only does this validate our vision and provide critical resources, we’re getting an unbeatable strategic partner in Alex and the team at Kickstart.” 

Since the Seed investment, Chargezoom is said to have recorded growth of 3,972%.

The fresh infusion is expected to accelerate Chargezoom’s expansion and help add new resources. 

Matt Dubois added: “We’re very excited to move forward with a team of investors that share our values and are fully committed to our mission of being the market leader in AR automation.”  

In preparation for this growth phase, Chargezoom has restructured its investor relations to align with its vision, which led to BIP Ventures exiting its stake in the company. 

This follows the closure of Chargezoom’s $2m seed round in 2021, which helped the company in refining the accounts receivable processes, offering enhanced financial agility.