Total amount raised
$102.5 Millions
Latest funding date
September, 2019
Location
AppZen has successfully raised significant funding across multiple rounds, attracting a diverse group of investors. The platform leverages artificial intelligence to streamline finance workflows, offering solutions for accounts payable, travel and expense management, and card compliance.
Continue reading to delve into the details of AppZen's funding journey and discover the key investors supporting this innovative AI-driven finance platform.
What Is AppZen?
AppZen, founded in 2012 by Anant Kale and Kunal Verma, is headquartered in San Jose, California. The company specializes in AI-powered finance automation, offering solutions to streamline accounts payable, travel and expense reporting, and card compliance processes.
AppZen's platform leverages deep learning, computer vision, and semantic analysis to optimize decision-making and automate manual processes for enterprises worldwide. Their innovative technology helps modern finance teams reduce spend, comply with policies, and enhance overall efficiency.
With a workforce of 251-500 employees, AppZen serves a diverse range of clients, including one-fourth of the Fortune 500, by providing cutting-edge AI solutions that transform finance workflows.
How Much Funding Has AppZen Raised?
- Seed Round
- Amount Raised: $2.9M
- Date: June 2016
- Lead Investors: Resolute Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and refine the initial AI technology for finance automation.
- Series A
- Amount Raised: $12.7M
- Date: November 2017
- Lead Investors: Redpoint
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and scale the platform to serve more enterprise clients.
- Series B
- Amount Raised: $35M
- Date: October 2018
- Lead Investors: Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance AI capabilities and expand market reach.
- Series C
- Amount Raised: $50M
- Date: September 2019
- Lead Investors: Coatue
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and further develop AI solutions for finance teams.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing innovation and market expansion.
Total Amount Raised: $100.6M
Current Valuation: Not publicly disclosed
Key Investors
- Coatue Management
- Details: Coatue Management is a leading technology-focused investment firm. They led AppZen's Series C funding round.
- Investment Focus Areas: Technology, digital transformation, AI.
- Notable Investments: Snap, Spotify, ByteDance.
- Redpoint Ventures
- Details: Redpoint Ventures is a venture capital firm that invests in seed, early, and growth-stage companies. They participated in AppZen's Series C funding round as an existing investor.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Netflix, Stripe, Twilio.
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends. They participated in AppZen's Series C funding round as an existing investor.
- Investment Focus Areas: Enterprise, consumer sectors, disruptive innovations.
- Notable Investments: Snapchat, Nest, GrubHub.
- Resolute Ventures
- Details: Resolute Ventures is an early-stage venture capital firm. They led AppZen's seed round.
- Investment Focus Areas: Early-stage startups, technology, innovation.
- Notable Investments: Not publicly disclosed.
- 500 Global
- Details: 500 Global is a venture capital firm that invests in early-stage companies. They were key investors in AppZen's early seed round.
- Investment Focus Areas: Early-stage startups, technology, innovation.
- Notable Investments: Not publicly disclosed.
What's Next for AppZen?
AppZen is poised to capitalize on the growing demand for AI-driven finance solutions. With plans to expand its AI, engineering, and product teams, the company aims to enhance its offerings for enterprise CFOs, focusing on real-time auditing and decision-making across various finance functions. This expansion is crucial as the company has already attracted nearly a third of Fortune 500 companies and surpassed 1,500 customers.
Future fundraising opportunities seem likely given AppZen's rapid growth and ambitious plans. The company quintupled its revenue in 2018 and aims to increase its workforce by 146% by the end of the year. However, challenges such as maintaining its unique culture while scaling and staying ahead in the competitive AI market could pose significant hurdles. Ensuring the scalability and reliability of their AI platform will be essential as they continue to grow.
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