Spendesk, a Paris-based spend management platform for SMBs, has announced an $18 million extension to its Series B round last year, closing the round at $38 million. The fresh investment, which came entirely from Eight Roads Ventures, brings the startup’s total fundraising to $68.5 million since it launched from eFounders in 2016.
Since the first close in September 2019, the French fintech company has opened three new offices in Berlin, London and San Francisco, and increased its headcount from 100 to over 200 people. Subscription revenue has continued to double year-on-year, Spendesk reports, and membership to its global network of finance leaders, CFO Connect, has also doubled during the pandemic.
Commenting on the choice to invest, Lucile Cornet of Eight Roads Ventures 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 spend.”
The additional capital will allow the company to further scale its team and expand its product offering. Specifically, the software will provide budgetary control, spending insights, dashboards, and the ability for finance teams to temporarily limit employees from spending if they haven’t submitted their receipts.
Spendesk also announced that Joseph Smith, a veteran of HootSuit and Qubit, is joining as Chief Revenue Officer. Past funding for the startup includes an €8 million Series A led by Index Ventures and a €2 million seed round led by Kima Ventures.