INSUBCONTINENT EXCLUSIVE:
Earth Class Mail, a company that digitizes your physical mail so you don&t have to go to the mailbox every day, today announced that it has
acquired receipt scanning and expense tracking service Shoeboxed.The reason Earth Class Mail would be interested in Shoeboxed is pretty
obvious, given that both companies focus on taking the pain out of dealing with paper
Both services will continue to operate as usual, though we&ll likely see some deep integrations between the two over time.Shoeboxed, which
launched 11 years ago, currently digitizes over five million documents per year for its more than 1 million customers in 90 countries
Its main market is small businesses in the U.S., which make up 500,000 of its users.&When we started in 2008 and put the first iPhone app in
the app store to scan receipts, there was one other powerhouse around helping small business go digital — Earth Class Mail,& the company
CEO and co-founder Tobias Walter tells us
&The combined power of our two companies will be a massive shift for small businesses to finally become paperless and say goodbye to old
workflows that cost them hours of their productivity
I could not be happier with the new home we found for the company, the team and our customers!&What sets Earth Class Mail apart from the
United States Postal Service Informed Deliveryservice is that it not only scans the outside of the envelopes that you are about to receive
but that you can also give the company permission to scan all the documents inside, too (and the price you pay for the service depends
mostly on how many of these full scans you want per month)
While Oregon-based Earth Class Mail had to file for bankruptcy protection in 2015,its new leadership team turned the company around
The company says that its annual run rate is now $10 million, up 20 percent since Jess Garza become its new CEO last December.Walter also
notes that users would occasionally send unopened envelopes, too, but the company wasn&t allowed to open them
These customers can now easily become Earth Class Mail users.Over the course of its existence, Shoeboxed only raised a moderate amount of
funding, with a $580,000 Series A round led by Novak Biddle Venture Partners in 2008 (when Series A rounds were still much smaller than
today) and a $1.4 million Series B round in 2011
The financial details of today acquisition were not disclosed.
