Tiger Global leads €100 million Series C extension at now unicorn Spendesk

Paris-based all-in-one expense claim management service Spendesk has added another €100 million to an already impressive Series C round, now at €200 million, we reported on back in July. In doing so, the company now obtains unicorn status, valued at over $1 billion. 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 studios, 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 and reports and more than €3 billion of spend has been managed on the platform in 2021.. With the new funding, the company aims to double the staff numbers once again, as well as accelerate product innovation, with Uber alumni Erin Reiger Zas recently joining the leadership team as Chief People Officer.

“Finance teams need full visibility and control along the entire spending process, and all employees should be empowered to contribute to the financial fitness of the company. We’re making huge investments in our platform this year, to make Spendesk accessible to more teams, provide actionable data and insights through our product, and make spending at work a frictionless process,” commented Ardant.

Spendesk’s €100 million Series C extension was led by Tiger Global, with all existing investors, including General Atlantic, Eight Roads Ventures, Index Ventures, and eFounders, participating.

“There is a multi-billion market opportunity ahead for Spendesk, and only a very small number of businesses have opted for a modern spend management solution. Spendesk has invested in a real end-to-end experience for finance teams early on, which we believe is the winning recipe in this increasingly competitive market,” commented Tiger Global’s John Curtis. “We are impressed with Spendesk’s ability to meet rapidly evolving customer needs in a very dynamic environment. This agility and drive to innovate is why we are super excited to be part of the Spendesk journey in 2022 and beyond.”