San Antonio—Earth Class Mail is acquiring Durham, NC-based Shoeboxed, which digitizes physical receipts, for an undisclosed price, the companies planned to announce this morning.
Earth Class Mail, which is focused on turning traditional paper mail into digital records, is adding to its product offering by buying Shoeboxed. The 14-year-old San Antonio-based business recently made upgrades to its service, including search features, the ability to share content over e-mail, and custom tags, among others.
Founded in 2007, Shoeboxed lets customers send in receipts and other documents (like business cards) to be scanned into an online account. Similarly, Earth Class Mail digitizes any traditional paper mail a customer wants to have access to online. Its customers can search and organize the mail through that online account. San Antonio-based Scaleworks, an investment firm that buys software-as-a-service companies generating revenue and works to grow their businesses, acquired Earth Class Mail in 2016.
Shoeboxed raised about $1.9 million in venture funding in 2011 and 2012, according to securities filings. The company also raised a $580,000 funding round in 2008 and another $250,000 in 2013, according to PitchBook. Its investors include Blue Bright Ventures and Novak Biddle Venture Partners, as well as angel investors, PitchBook says.
Shoeboxed digitizes and organizes about 5 million documents annually and has 1 million users in 90 countries, including about 500,000 business owners in North America, according to Earth Class Mail. Earth Class Mail has about 25,000 users and a sorting facility in Beaverton, OR. The company hasn’t decided yet whether Shoeboxed will relocate to San Antonio or remain in Durham, according to a spokesperson.
