Entrepreneur Spendesk raises $ 18 million more to track employee spending

Spendesk raises $ 18 million more to track employee spending

This was the watchword during the confinement: you had to manage your cash to the nearest cent. While many companies have seen their sales frozen, with very little prospect of the impact the Covid-19 crisis would have on them, all of them have worked to protect their cash. This explains why Spendesk, which edits a employee expense management solution for SMEs, has been so successful this year. “We realized, at that time, that Spendesk had become a key tool in the traceability of expenses, says the founder and CEO of the start-up Rodolphe Ardant. It allows them to know very precisely where the money is going, how it is spent. “

While it had completed a series B of 38 million dollars (32 million euros) a year ago, the young shoot decided to welcome a new investor within this round table. Eight Roads Ventures thus injects $ 18 million (€ 15 million) in Spendesk. “We wanted to raise more money to go faster, but without having to leave for a new round, and since we have followed each other for a long time with Eight Road Ventures, we were able to make room for them quickly”, explains the entrepreneur.

Three new offices

In one year, Spendesk opened three new offices, in Germany, the United Kingdom and the United States. “Germany very quickly became our second market, indicates Rodolphe Ardant. The UK is also growing very quickly, but it’s a younger market for us. “ Spendesk generates to date 25% of its turnover in Germany.

The challenge for the start-up is to succeed in this famous “scaling-up” and to make a real place for itself in Europe. This new levy will allow it to further increase its human resources: Spendesk should increase from 210 to 300 employees by next June. “We have a lot of organizational issues to manage, explains the founder of the start-up. We hire 30 to 40 people per month, we have to manage flows, while maintaining our corporate culture. “

To manage this growth, Spendesk announces that he has convinced Joseph Smith to join him as Director of Revenue (CRO). The latter is therefore leaving the same position in the Danish company Dixa. “He will bring us twenty-five years of business development experience in software, rejoices Rodolphe Ardant. It has experienced phases of hypergrowth in several companies. We are both complementary and strongly aligned with our values. “

Fundamental values ​​for the entrepreneur, which he applied throughout this Covid-19 crisis. “I think it’s in difficult times like this that people reveal what they really are”, he slips. For Spendesk, that meant taking care of their customers more than ever. The start-up has thus created numerous webinars aimed at supporting them, and has strengthened exchanges within its community, CFO Connect.

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