Pleo, a Copenhagen-based expenses-management startup, raised $200 million in Series C extension to finance its European expansion plans, bringing the total raised to $350 million, valuing the company at $4.7 billion.
The round was led by Coatue Management, with participation from hedge fund Alkeon Capital Management. Previous backers Bain Capital Ventures, Thrive Capital, Creandum, Kinnevik, Founders, Stripes, and Seedcamp also participated.
This funding will help the company accelerate European expansion plans, with Austria, France, Portugal, and the Netherlands being among the markets the firm is looking to tap.
Company: Pleo Technologies Ltd.
Round: Series C extension
Funding Month: December 2021
Lead Investors: Coatue Management
Additional Investors: Alkeon Capital Management, Bain Capital Ventures, Thrive Capital, Creandum, Kinnevik, Founders, Stripes, and Seedcamp
Company Website: https://www.pleo.io/
Software Category: SaaS expensing platform
About the Company: Founded in Copenhagen in 2015 by fintech veterans Jeppe Rindom and Niccolo Perra. Pleo provides a business spending solution that offers smart company cards and automated expense reports for employees, enabling them to buy the things they need for work while giving finance teams full control and visibility of all company spending. The company now has over 20,000 customers up by more than 3,000 in the last six months, and currently is averaging 1,000 new customers per month in the six countries where it is now live: Denmark, Sweden, Germany, Spain, Ireland, and the U.K.