Spendesk, which styles itself as a seven-in-one spend management solution for SMBs, has collected €100m in an extension to its Series C round.
This fresh investment was supplied by American VC fund Tiger Global, as well as existing investors General Atlantic, Eight Roads Ventures, Index Ventures and eFounders.
This fresh equity will help Spendesk hire more staff, with the plan to hire 300 people in 2022.
Headquartered in Paris, Spendesk has experienced strong growth during the pandemic. It claims to have more than doubled its revenue every year and more than €3bn of spend has been managed on the Spendesk platfrom in 2021.
Spendesk CEO and co-founder Rodolphe Ardant said, “Bringing in the best and brightest people is my top priority right now. We’ll need to build and bolster our talent bench in all departments to help us achieve our ambitious goals for next year. I want to continue building on the exceptional culture that Spendesk is known for.”
The seven-in-one platform is designed to help businesses remove lengthy processes of spend management. Its services include corporate cards, invoice payments, expense reimbursements, budgets, approval, reporting, compliance and pre-accounting.
Ardant added, “We enable everyone in the business to make a real impact with their work, with a platform that drives smarter spending decisions that contribute to real growth. 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.”
The company originally raised €100m in July 2021. The round was led by General Atlantic, with commitments also coming from Index Ventures and Eight Roads Ventures.
Former Uber director of people Erin Reiger Zas recently joined Spendesk as its chief people officer.
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