Spend Management Platform Spendesk Picks An Additional $18 Million In Series B

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Spendesk

Spendesk, the Paris-based spend management firm, has announced securing $18 million in its extended Series B financing. The latest capital has been poured in by global VC fund Eight Roads Ventures.

Before this round, the firm had raised $38.4 million in the first chunk of the Series B round which was led by Index Ventures in September last year. The current investment takes the total amount raised by the firm to $68.5 million. eFounders, Financiere Saint James, Pieterjan Bouten, Louis Jonckheere, Michael Benabou and Laurent Asscher are the other notable names who have infused capital in the firm.

Spendesk was started in 2016 by Jordane Giuly, Rodolphe Ardant, and Thibaud Elziere as a spend management platform. The platform offers virtual and physical cards for employees, allowing them to set up approval workflow and manages expense reimbursements. It also helps the users keep all the invoices in one place which saves a lot of time as the user need not to check multiple accounts.

Rodolphe Ardant, the CEO of the firm, speaking about the firm says that “Many companies see inefficiency in dated processes such as shared company credit cards and manual receipt collection, particularly when their teams are working remotely. The trend towards greater decentralized spending creates complexity for finance leaders looking to monitor and control this spend, especially at the speed SMBs need to operate. More than ever, finance teams seek visibility and real-time access to accurate data to allow their businesses to maneuver safely through these challenging times."

Eight Roads Ventures' Lucile Cornet commenting on Spendesk said, “Spendesk is an emerging leader in a multi-billion software category. There are 900,000 SMBs between 10-250 employees in Europe alone, all in need of a platform to consolidate and track their corporate spending. We have known Spendesk and Rodolphe for many years and have been impressed by what they have achieved so far. We are excited to support the team in building this new category of spend management."

The firm plans to expand its operations and business reach using the latest financing. It also wants to add more features to help users. It will be interesting to see how the freshly raised funds are utilized by the firm which has managed to grow even during the COVID-19 times.

 

Image courtesy: Spendesk

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