B2B spend management platform Pleo adds $200m to Series C funding round
B2B spend management platform Pleo has extended its Series C round by $200 million, bringing the total raised to $350 million.
The company says the new funding has nearly tripled its valuation to $4.7 billion.
The extension was led by technology-focused investment manager Coatue Management with participation from Alkeon Capital. There was also further support from existing investors Bain Capital Ventures, Thrive Capital, Creandum, Kinnevik, Founders, Stripes and Seedcamp.
The new funds will facilitate a “massive roll-out across Europe” of the company’s flagship expense management tools and smart company cards.
Pleo was founded in Copenhagen in 2015 and currently operates in six European markets – the UK, Denmark, Sweden, German, Ireland and Spain – serving 20,000+ companies.
It has recently unveiled its plans to move into Austria, and is now eyeing a further 14 countries, starting with Finland, the Netherlands, France and Portugal.
It has also stated its commitment to acquire one million engaged users by the end of 2025. Up to 1,000 new customers have been joining Pleo every month in the last six months, it claims, “spurred by the launch of a freemium model” in autumn.
Jeppe Rindom, co-founder and CEO of Pleo, says the company’s growth has been “exponential” in the last year and the future looks “extremely bright”.
“The fact is that we didn’t need to continue to raise this year – but our Series C saw such demand that this extension was made possible,” Rindom comments.
“The money helps, but we’re not complacent. We’ll continue being Pleo: pushing forward, doubling our 400-strong team, iterating our product, building more tools and features, taking us from invoice management and employee reimbursement into lending and beyond.”
The Series C investment originally was announced in July 2021, two years after Pleo’s Series B round, led by Stripes, which saw it raise $56 million. Prior to this, in 2018, Pleo raised its Series A round totalling $16 million.
The investment also marks the biggest Series C funding round in Denmark to date.