Datamolino, a startup that is building a platform for SMEs that enables accountants to take out the tedious job of manual data entry of invoices and receipts, secured €500,000 or $680,000 in its seed funding round and is already talking about a Series A, TechCrunch reported.

The financing comes after the Slovak startup obtained €40,000 to work on its product at Wayra's Central & Eastern Europe Academy in Prague. The incubation period lasted for eight months and Datamolino is the first graduate to receive follow-on funding after joining the program's first cohort last year, the report said.

Around the world, the network of incubators supported by Telefonica has around a 40% rate of producing startups that are able to get their next round of funding. The accelerator confirmed to TechCrunch that of its worldwide total of 174 Wayra graduates, 70 upstartrs have received their next tranche of financing.

Slovak Innovations and Technologies Fund or FIT provided financing for Datamolino. According to Founder Andrej Glezl, proceeds of the round will be used to expand in Europe. It will also be deployed to transition the platform from its closed beta phase to public beta and eventually to a full commercial launch after May. The funding will be able to implement customer feedback to the product and kick off its online marketing efforts, among others, the report said.

In order to promote the product further, Datamolino also has plans of integrating the system with b2b software packages that target SMEs. Glezl added, "There is a huge opportunity to implement [Datamolino] with solutions such as Sage One, Quickbooks, Xero, etc. Our product has to go through technical and marketing review with such firms - the seed funding should ensure we can get through that."

Moreover, the startup is also collaborating activity with Telefonica to have its product included in the O2 cloud as well because both focus on the same customers in the SME segment, the report said.