The Paris based SMB management platform, Spendesk has announced the US$18m extension for its B Series funding round on 13th October 2020. This funding closed the round at US$38m. The entire fresh investment came from Eight Roads Ventures. The series B round closed at US$ 38 million, which brings the total fundraising of the enterprise US$ 68.5 million after it was launched in 2016 from efounders.
After the first funding round closed in 2019 September, the French enterprise had opened three new offices in San Francisco, London, and Berlin. The Fintech enterprise has also increased its employees two-fold from 102 over 200 people. The subscription revenue is doubling year on year. The Spendesk reports, CFO connects, and the membership offered to global finance leaders’ networks have also been doubled within the pandemic.
The platform
Spendesk is a complete management service for corporate expense and management service. Its main objective is to empower employees with clearing their approval process and easing the bookkeeping. The service has very distinctive features such as defining a set of policies, setting payment limits, and generating a virtual card for business needs. Also, all of the online subscriptions can be managed from its interface. It is the smarter version than the legacy expense solutions.
Spendesk is a growing leader in the multi-billion software industry category. There are more than 900,000 small and medium-sized businesses (SMB) having 10-250 employees alone in Europe. And they all are in need of a platform that can track their corporate expenditure.
The future plans
The received funding will help the company to expand its team and scale its product offerings. Basically, the software will provide spending insights, budget control, and power to the finance teams so they can temporarily limit employees from extra spending if they haven’t yet submitted their receipts.
Along with the funding announcement, Spendesk also announced that Joseph Smith would be joining their team as Chief Revenue Officer. Joseph Smith is a veteran of Qubit and HootSuite. The previous funding of the startup accounts for €8 million as Series A funding, which was led by Index Ventures and another €2 million seed funding round led by VC Kima Ventures.
About Eight Roads
The Venture Capital Fund was founded in 1969 and is headquartered in London, United Kingdom. The enterprise invests in Early Stage, Post-Ipo, Late Stage, Seed, and Private Equity proposals. With its offices in India, China, Japan, and the UK, it is the proprietary investment hand of Fidelity International Limited. The Ventures arm of Fidelity International Limited was previously named as Fidelity Growth Partners.
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