Paris-based all-in-one expense claim management service Spendesk has raised €100 million in a Series C round, its largest to date. By automating a number of repetitive, day-to-day administrative tasks, the startup aims to unlock untapped potential in finance teams, allowing them to be more proactive than reactive, and provide strategic value add to an organisation.
Founded in 2016 by Rodolphe Ardant, Guilhem Bellion, and Jordane Giuly, Spendesk was borne within the eFounders project, and counts over 3,000 firms including Soundcloud, Curve, Algolia, and Wefox amongst its client base.
Despite the pandemic, Spendesk demonstrated a strong year of growth, doubling both revenues and the team size from 150 to 300. With the new funding, the company aims to double the staff numbers once again, as well as accelerate product innovation, with former Slack and Microsoft executive James Colgan having recently been appointed as Chief Product Officer.
“Work culture is becoming increasingly informed by our private lives. Employees crave more empowerment, agility, and faster decision-making to be effective in their roles. And traditionally, finance teams haven’t been equipped with the tools that can support this transformation,” commented CEO, Rodolphe Ardant.
The Series C investment was lead by General Atlantic with all previous investors including Index Ventures and Eight Roads Ventures participating. To date, Spendesk has raised a total of €160 million.
General Atlantic’s Aaron Goldman commented, “Rodolphe and the Spendesk team have set out to become the operating system for business spending – delivering visibility, transparency, and control to the CFO suite. The company is driving much-needed digital innovation in antiquated finance processes and helping to define the spend management software category.”
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