Pleo has successfully raised $75.3 million over three funding rounds, achieving a valuation of over $1 billion. The company offers smart corporate cards and expense management solutions designed to streamline business spending.
Keep reading to explore the intricacies of Pleo's fundraising journey and the investors backing this innovative platform.
What Is Pleo?
Pleo, founded by Niccolò Perra and Jeppe Rindom, is a tech company headquartered in Copenhagen, Denmark. The company offers intelligent corporate cards and expense management solutions designed to streamline business spending.
With locations in London, Copenhagen, and Stockholm, Pleo aims to automate company spending and foster a culture of responsible spending. The platform helps businesses delegate employee spending, eliminating out-of-pocket expenses and expense reports.
Currently, Pleo employs between 51-200 people, reflecting its rapid growth and active hiring status. The company continues to innovate in the financial technology space, providing valuable tools for businesses to manage their expenses efficiently.
How Much Funding Has Pleo Raised?
- Seed Round
- Amount Raised: $3,250,000
- Date: September 2016
- Lead Investors: Creandum, Seedcamp, Founders
- Motivation Behind the Round: Initial funding to develop and launch the product.
- Series A
- Amount Raised: $16,000,000
- Date: May 2018
- Lead Investors: Kinnevik
- Motivation Behind the Round: To scale operations and expand market reach.
- Series B
- Amount Raised: $56,000,000
- Date: May 14, 2019
- Lead Investors: Stripes
- Valuation at Round: A little under half a billion dollars
- Motivation Behind the Round: To expand and more than triple its headcount from 120 to 400 employees by the end of 2020, and to accelerate product development to service the entire purchase process for SMEs across Europe.
Total Amount Raised: $75.3M. Current Valuation: Over $1B.
Key Investors
- Stripes
- Details: Stripes is a New York-based growth fund known for investing in high-growth companies. They focus on partnering with entrepreneurs to build market-leading businesses.
- Investment Focus Areas: Technology, consumer products, healthcare.
- Notable Investments: Reformation, Squire, Udemy.
- Kinnevik
- Details: Kinnevik is a European venture fund based in Stockholm, Sweden. They have a long history of investing in transformative digital consumer businesses.
- Investment Focus Areas: Technology, consumer services, financial services.
- Notable Investments: Zalando, Tele2, Babylon Health.
- Creandum
- Details: Creandum is a venture capital firm that invests in innovative and fast-growing technology companies. They have a strong track record in the European tech scene.
- Investment Focus Areas: Technology, consumer internet, fintech.
- Notable Investments: Spotify, Klarna, iZettle.
- Founders
- Details: Founders is a venture capital firm that focuses on early-stage investments. They aim to support startups from the ground up.
- Investment Focus Areas: Early-stage technology startups.
- Notable Investments: Vivino, Lunar, Simple Feast.
- Seedcamp
- Details: Seedcamp is a European seed fund that invests early in world-class founders attacking large, global markets. They provide support and resources to help startups scale.
- Investment Focus Areas: Technology, fintech, SaaS.
- Notable Investments: TransferWise (now Wise), Revolut, UiPath.
What's Next for Pleo?
Pleo stands at the cusp of significant growth opportunities, driven by the increasing demand for fintech solutions that simplify business expense management. With plans to expand its headcount and enhance its product offerings, Pleo aims to service the entire purchase process for SMEs across Europe. The company is poised to leverage the advanced payment infrastructure in Nordic countries and the growing trend towards employee empowerment in business spending.
Future fundraising opportunities seem promising as Pleo continues to attract hundreds of new businesses each month. The rapid growth and market reception suggest that additional funding rounds could be anticipated to support further development and market penetration. However, Pleo may face challenges such as competing with banks, managing rapid growth, and ensuring seamless integration with various accounting software providers.
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