Spendesk adds USD18m to its Series B round from Eight Roads Ventures
Spendesk, a spend management platform for SMBs, has raised USD18 million in addition to its Series B round last year (USD38 million).
The new investment comes from global VC fund Eight Roads Ventures and brings the total raised to USD68.5 million. This funding will support the strong growth Spendesk has realised despite the current pandemic, which has accelerated digitisation of finance departments and increased the demand for spend management solutions.
“Many companies see inefficiency in dated processes such as shared company credit cards and manual receipt collection, particularly when their teams are working remotely. The trend towards greater decentralised spending creates complexity for finance leaders looking to monitor and control this spend, especially at the speed SMBs need to operate. More than ever, finance teams seek visibility and real-time access to accurate data to allow their businesses to maneuver safely through these challenging times,” says Spendesk CEO & Co-Founder Rodolphe Ardant.
Spendesk offers an all-in-one spend management solution that delivers more visibility and automation to today's finance teams. The platform combines spend approvals, virtual and physical cards for employees, expense reimbursements and invoice management into one source of truth.
Spendesk has maintained strong growth throughout the disruption caused by Covid-19. Subscription revenue has doubled year-on-year, demonstrating the mission critical nature of the tool, and resilience of the business model. Membership to CFO Connect, the Spendesk-backed global community for finance leaders to meet and learn from each other has also doubled during the period. Since its Series B in September 2019, Spendesk has opened three new offices in Berlin, London and San Francisco, and increased their headcount from 100 to over 200 people. The additional capital raised will allow the company to further scale its team to support growth. Spendesk will also continue to expand its product offering to provide budgetary control, spending insights, dashboards, and the ability for finance teams to temporarily limit employees from spending further if they haven’t submitted their receipts.
“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. We have known Spendesk and Rodolphe for many years and have been impressed by what they have achieved so far. We are excited to support the team in building this new category of spend management,” says Lucile Cornet, from Eight Roads Ventures.
“We’re proud to welcome Eight Roads on board as an experienced partner, demonstrating their confidence in the Spendesk team, and the spend management category,” says Ardant.
To support the scaling of Spendesk’s go-to-market strategy, and presence in key markets such as France, Germany & UK, Joseph Smith is joining the executive leadership team as Chief Revenue Officer. Smith brings over 25 years of experience to the role, having held similar positions with fast-growing SaaS businesses such as Dixa, Qubit and Hootsuite.
“Spendesk’s growth journey continues to be very impressive. The foundation for this success comes from the laser focus on customers, ensuring that the Spendesk platform delivers real value to finance teams. I’m delighted to join Spendesk and to support the team in becoming the market leader within the spend management category,” says Smith.
Ardant adds: “I’m very excited Joseph decided to join Spendesk. With his tremendous experience he’ll be able to help us take the next steps and stay focused while we scale operations even faster than before.”