Spend management platform Spendesk hits unicorn status with €100m funding
Spend management solution Spendesk has raised €100 million ($113m) in a Series C extension round, valuing the company at more than €1 billion ($1.14bn).
The newly minted unicorn intends to use the funding to hire 300 more staff, expanding its workforce to 700 employees.
Spendesk CEO Rodolphe Ardant says the hiring spree is his “top priority” as the company seeks to expand all departments in order to achieve its “ambitious goals” for next year.
The five-year-old company hired 100 people over 2021 and claims to have doubled its revenue year-on-year, with more than €3 billion managed on the platform in 2021 alone.
The latest funding, an extension of Spendesk’s July 2021 Series C round, was led by Tiger Global and saw participation from all existing investors including General Atlantic, Eight Roads Ventures, Index Ventures and eFounders.
Spendesk’s 7-in-1 platform includes corporate cards, invoice payments, expense reimbursements, budgets, approval, reporting, compliance and pre-accounting services in one solution.
“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,” adds Ardant.
Headquartered in Paris, Spendesk also has offices in London, San Francisco, Berlin and Hamburg.