Los Altos-Based WebFilings Raises $12.5 Million in Second Round

Los Altos, Calif. -- WebFilings, a Los Altos-based developer of compliance reporting software, said on Tuesday it has raised $12.5 million in its second round of funding. The company, which now has raised $24 million since its inception, did not disclose the identities of specific backers, other than to say the round included a combination of new and previous investors. "We will utilize this round as pure growth capital," said CEO Matt Rizai. WebFilings' cloud-based software is designed to streamline the manual process of drafting and filing Securities Exchange Commission (SEC) reports, including the recently mandated XBRL reporting process. Clients include United Airlines, Cabela's, Herman Miller, Rexnord/RBS Global, Black Hills, FBL Financial Group, First Solar and Winnebago Industries.
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