Spendkey, a London, UK-based startup that provides a fast and real-time spend analytics platform for making business decisions, raised £358, 000 in pre-seed funding.
The round was from London-based early-stage investors Fuel Ventures, Scalebridge Capital, and several angel investors.
With the investment, the company has emerged from stealth mode and will use the funding to continue its mission to transform vast amounts of data into tangible spending insights, accelerating and automating decision-making in the process.
Furthermore, Spendkey plans to use the investment to expand into more global markets, hire a dedicated sales team, strengthen its marketing activities, and introduce new best-in-class features to the platform.
Alex Grundy, Co-founder of Spendkey, said: “This investment is the next step on Spendkey’s journey, and it will provide us with the financial resources we need to enhance our platform’s user-friendly workflows and carbon reduction features. We’re thrilled to partner with Fuel Ventures and Scalebridge Capital to continue our mission to provide tangible spending insights, accelerating and automating decisions.”
The Spendkey platform provides the management at large multinationals with a single, clear view of their spending across their organizations.
Company: Spendkey Limited
Round: Pre-Seed Round
Funding Month: May 2023
Lead Investors: Fuel Ventures and Scalebridge Capital
Company Website: https://www.spendkey.co.uk/
Software Category: Spend Management Software
About the Company: Founded by Alex Grundy and Akshay Upadhye, Spendkey is a spend analytics platform that provides a fast and real-time spend analytics platform for making business decisions. Spendkey uses the latest Artificial Intelligence and Machine Learning technologies to deliver a competitive edge. The software automates data collection across multiple platforms, classifying and normalizing third-party expenditure to generate a wealth of insights for savings delivery, strong supplier partnerships, and reducing risk. To date, Spendkey has processed £30 billion worth of transactions and grown 500% year-on-year. Its user-friendly platform has been acclaimed by big-ticket customers across multiple sectors, including pharmaceuticals, financial services, retail, professional services, and manufacturing companies.