Companies, regardless of their size, need to get the right tools when it comes to creating and preserving value in the course of running a business. No one wants to throw their money away. Therefore it is crucial to maintain the ebb and flow of finances.
In this modern global economy, the competitive strength of the businesses relies on various factors, including an optimised process to boost savings, reduced waste, and prioritising proactive strategies. Integrating the right spend management software solution as a part of a business plan is one way to build such strength. Finding the right tool can be a challenge amid lots of options.
Based out of Paris, Spendesk is one such company designed for both finance teams and employees. The French startup developed smart spend management software that offers insights into the entire spending process.
Raised €15.3M to scale
Recently, the spend management platform has raised $18M (approx €15.3M) from global VC fund Eight Roads Ventures, bringing the total amount raised to $68.5 million (approx €58.3M). Spendesk intends to use the funding to scale its team to support the growth of its platform.
Eight Roads Ventures is a global VC firm that helps entrepreneurs scale. The London-based VC has $6B asset under management, 250 portfolio companies, and 50 years of venture investing experience.
Strong growth during pandemics
Even during the COVID-19 pandemic, Spendesk maintained a strong growth throughout, claims the company. The company also says its subscription revenue has doubled year-on-year. Since its Series B funding (approx €32.3M) in September 2019, Spendesk has opened three new offices in Berlin, London, and San Francisco, and increased their headcount from 100 to over 200 people.
Furthermore, the company is also planning to expand its product offering to provide budgetary control, spending insights, dashboards, and the ability for finance teams to temporarily limit employees from spending further if they haven’t submitted their receipts.
Joseph Smith joins as CRO
Spendesk appointed Joseph Smith as a Chief Revenue Officer (CRO) to take care of the company’s go-to-market strategy, and presence in key markets such as France, Germany & the UK. Smith brings over 25 years of experience to the role, having held similar positions with fast-growing SaaS businesses such as Dixa, Qubit, and Hootsuite.
Founded in 2016 by Rodolphe Ardant, Guilhem Bellion, and Jordane Giuly within French startup studio eFounders, Spendesk now serves over 40,000 end-users at growing businesses such as Algolia, Amboss, Curve, Doctolib, Gousto, Raisin, Sezane, Wefox. This platform combines spend approvals, virtual cards, physical cards, expense reimbursements, and invoice management into a single place.
Main image credits: Spendesk