Danish startup PleoIs a developer of expense management tools aimed at helping SMB issue company cards and better manage employee spending, to double the business during periods of strong growth. Raised a large amount of money.
The company has raised $ 200 million. It was used by Pleo co-founder and CEO Jeppe Rindom in areas such as M & A, accelerating expansion into new countries, introducing more features into its core products, and generally. It says it will expand. Given that many people have been forced to make changes in the wake of the Covid-19 pandemic, it exists as a major realization factor for the current major theme of the business world, the “future of work.”
(In fact, this news is in line with Pleo, who is hosting “Forward,” a virtual conference on the very topic.)
Sure, some areas of corporate spending, such as business trips and entertainment (such as business lunches), have almost stopped, but the real need for companies to better manage where and how their employees spend their money. Gender is actually higher than ever. Given the decentralized way many of us are working today.
“Currently, the tools that help employees work smoothly while being distributed are very relevant,” Lindom said in an interview. “It may not be that many outings, but decentralized workers need access to funds such as software and subscriptions. Previously, to handle this, for example, a card from a manager or finance team. It was easy to rent. But you can’t do that anymore, so our products are becoming more and more relevant. “
With the strong participation of Alkeon Capital, a new investor, Coatue Management, is leading this financing. Former supporters Bain Capital Ventures, Thrive Capital, Creandum, Kinnevik, Founders, Stripes and Seedcamp also participated.
In particular, cash injection will take place only 6 months later Pleo has raised $ 150 million.. At that time, that round in July was the largest Series C ever for a Danish startup. This latest funding is actually an extension of that round, bringing the Series C total to $ 350 million. The evaluation during that time actually soared. Six months ago, Pleo was valued at $ 1.7 billion. Currently $ 4.7 billion, it is one of the most valuable fintech startups in Europe.
Lindom said the reasons for the rapid financing that began as an unsolicited offer came from several different reasons.
First, there is the growth of Pleo. The company currently has over 20,000 customers in six countries: Denmark, Sweden, Germany, Spain, Ireland and the United Kingdom, over 3,000 in the last six months and now has an average of 1,000 new customers per month. .. .. The plan will then start operations in 14 countries, including Austria, followed by Finland, the Netherlands, France and Portugal. Increase recruitment to more than 400 people currently working at Pleo.
“We already had a very ambitious plan to bring Pleo across Europe in the next year and a half,” said Rindom. The company aims to reach 1 million users by 2025.
The second reason is the company’s relevance to the way people work today, and Pleo’s target business, from just a few employees to more recently about 5,000, is still “in the corporate world.” The fact that it is “medium”. — Never before has a good product met your expense needs. In fact, many companies building such products focus primarily on large companies as customers. (But it’s changing rapidly: Pleo, Soldo, Raised $ 180 million this year too. Today’s Pleo tools include card issuance, invoice payments, and out-of-pocket costs, all of which are integrated with existing accounting packages to make cash management easier. Pricing It starts with a free restricted tier for the smallest customers for up to 5 users, up to £ 10 per person per month for large customers, and works with packages designed for the largest users.
What is the third reason Pleo is raising now? The fact that VCs working hard to invest huge amounts of money continue to be very aggressive in looking for the best opportunities in the market. Their focus is not only to fund businesses as they are active, but also to support businesses that have shown good growth even in lesser times.
Michael B, General Partner of Coatue Management. In a statement, Gilroy was impressed that “Pleo has already redefined how more than 20,000 companies think about managing costs, saving time, reducing costs and increasing transparency. I did. ” “We are proud to work closely with Jeppe and other members of the team to drive the next phase of growth. They continue to spread throughout Europe and have a mechanism for managing spending within the enterprise. We are working to transform. “
Deepak Rabbi Chandran, General Partner of Alqueon Capital, said: “Pleo is building one of Europe’s leading B2B spending management platforms driven by best-in-class user experience and rapid product innovation. Working with Jeppe and the team as the business continues to accelerate and grow. I am looking forward to it.”
“In July, we realized that the future of work needs to give employees access to the tools they need to be effective, productive, and successful. Pleo is modern. Understand this important shift to employee-centricity for businesses. A fun spending management app that automatically tracks company spending and generates spending reports, with full visibility of all companies. We offer it in combination with the powerful tools needed to create controls. Penny spent, “added Bain’s partner Keri Gorman. It will only become more important to the business as the company expands to invoice payments in the near future. “
Pleo picks up $200M at a $4.7B valuation to build the next generation of business expense management – TechCrunch Source link Pleo picks up $200M at a $4.7B valuation to build the next generation of business expense management – TechCrunch