The company, which has recently partnered with IBM Retail, offers an electronic solution to the problem of managing, storing and retrieving receipts for proof of purchase and business expense purposes.

Digital receipts are created and collected primarily from retailers’ EPOS (electronic point of sale) systems, payment gateways and individuals’ mobile devices. These receipts are sent and stored in an individual’s web account that can be accessed via a login and password.

Lord Ian MacLaurin, former chief executive at Tesco and former chairman at Tesco and Vodafone, chairs the company.

Oliver Woolley, founder director of Envestors, comments, ‘We believe eReceipts is capable of becoming a leading UK company, championing its innovative solution to help businesses and individuals manage their receipts.’

Andrew Carroll, chief executive at eReceipts, adds, ‘We are delighted to have closed this funding round so we can now focus upon building the business.’