Sep
08
2019
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Spendesk raises $38.4 million for its corporate card and expense service

French startup Spendesk has raised another $38.4 million in a Series B round, with existing investor Index Ventures leading the round. The company has raised $49.4 million (€45 million) over the years.

Spendesk is an all-in-one corporate expense and spend management service. It lets you track expenses across your company, empower your employees with a clear approval process and simplify your bookkeeping.

The service essentially works like Revolut or N26, but for corporate needs. After you sign up, you get your own Spendesk account with an IBAN. You can top up that account and define different sets of policies.

For instance, you can set payment limits depending on everyone’s job and define who’s in charge of approving expensive payments. After that, everyone can generate virtual cards for online payments and get a physical card for business travel.

When you’re on the road, you can pay directly using Spendesk just like any corporate card. If you have to pay in cash or with another card, you can take a photo of the receipt from the Spendesk mobile app and get your money back.

Many Spendesk users also leverage the service for other use cases. For instance, you can define a marketing budget and let the marketing team spend it on Facebook or Google ads using a virtual card.

You also can track all your online subscriptions from the Spendesk interface to make sure that you don’t pay for similar tools. If you hire freelancers, you can upload all your invoices to the platform, export an XML with your outstanding invoices and import it to your banking portal.

Spendesk tries to be smarter than legacy expense solutions. For instance, the company tries to leverage optical character recognition (OCR) to match receipts with payments, autofill the VAT rate, etc.

With today’s funding round, the company plans to open offices in Berlin and London, add more currencies and develop new features. Over the past year, the company went from 20 employees to 120 employees. There are now 1,500 companies using Spendesk in Europe.

Aug
13
2019
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Clumio raises $51M to bring enterprise backup into the 21st century

Creating backups for massive enterprise deployments may feel like a solved problem, but for the most part, we’re still talking about complex hardware and software setups. Clumio, which is coming out of stealth today, wants to modernize enterprise data protection by eliminating the on-premise hardware in favor of a flexible, SaaS-style cloud-based backup solution.

For the first time, Clumio also today announced that it has raised a total of $51 million in a Series A and B round since it was founded in 2017. The $11 million Series A round closed in October 2017 and the Series B round in November 2018, Clumio founder and CEO Poojan Kumar told me. Kumar’s previous company, storage startup PernixData, was acquired by Nutanix in 2016. It doesn’t look like the investors made their money back, though.

Clumio is backed by investors like Sutter Hill Ventures, which led the Series A, and Index Ventures, which drove the Series B together with Sutter Hill. Other individual investors include Mark Leslie, founder of Veritas Technologies, and John Thompson, chairman of the board at Microsoft .

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“Enterprise workloads are being ‘SaaS-ified’ because IT can no longer afford the time, complexity and expense of building and managing heavy on-prem hardware and software solutions if they are to successfully deliver against their digital transformation initiatives,” said Kumar. “Unlike legacy backup vendors, Clumio SaaS is born in the cloud. We have leveraged the most secure and innovative cloud services available, now and in the future, within our service to ensure that we can meet customer requirements for backup, regardless of where the data is.”

In its current iteration, Clumio can be used to secure data from on-premise, VMware Cloud for AWS and native AWS service workloads. Given this list, it doesn’t come as a surprise that Clumio’s backend, too, makes extensive use of public cloud services.

The company says that it already has several customers, though it didn’t disclose any in today’s announcement.

Jun
20
2018
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Beamery closes $28M Series B to stoke support for its ‘talent CRM’

Beamery, a London-based startup that offers self-styled “talent CRM”– aka ‘candidate relationship management’ — and recruitment marketing software targeted at fast-growing companies, has closed a $28M Series B funding round, led by EQT Ventures.

Also participating in the round are M12, Microsoft’s venture fund, and existing investors Index Ventures, Edenred Capital Partners and Angelpad Fund. Beamery last raised a $5M Series A, in April 2017, led by Index.

Its pitch centers on the notion of helping businesses win a ‘talent war’ by taking a more strategic and pro-active approach to future hires vs just maintaining a spreadsheet of potential candidates.

Its platform aims to help the target enterprises build and manage a talent pool of people they might want to hire in future to get out ahead of the competition in HR terms, including providing tools for customized marketing aimed at nurture relations with possible future hires.

Customer numbers for Beamery’s software have stepped up from around 50 in April 2017 to 100 using it now — including the likes of Facebook (which is using it globally), Continental, VMware, Zalando, Grab and Balfour Beatty.

It says the new funding will be going towards supporting customer growth, including by ramping up hiring in its offices in London (HQ), Austin and San Francisco.

It also wants to expand into more markets. “We’re focusing on some of the world’s biggest global businesses that need support in multiple timezones and geographies so really it’s a global approach,” said a spokesman on that.

“Companies adopting the system are large enterprises doing talent at scale, that are innovative in terms of being proactive about recruiting, candidate experience and employer brand,” he added.

A “significant” portion of the Series B funds will also go towards R&D and produce development focused on its HR tech niche.

“Across all sectors, there’s a shift towards proactive recruitment through technology, and Beamery is emerging as the category leader,” added Tom Mendoza, venture lead and investment advisor at EQT, in a supporting statement.

“Beamery has a fantastic product, world-class high-ambition founders, and an outstanding analytics-driven team. They’ve been relentless about building the best talent CRM and marketing platform and gaining a deep understanding of the industry-wide problems.”

Mar
14
2018
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Pilot raises $15M to bring bookkeeping into the modern era

The first time Waseem Daher, Jessica McKellar, and Jeff Arnold worked together on a startup, they built one that allowed administrators to patch security updates to a system without having to restart it.

So it might come as a bit of a surprise that the next big technical challenge the three MIT graduates want to tackle is bookkeeping . But after selling Ksplice to Oracle back in 2011, it was actually the financial software they had built internally that made the jaws of the finance teams at Oracle drop, Daher said. They had created a continuously-updating internal version of QuickBooks, keeping a close eye on their spending and accounting and not having do hire a bookkeeper to do so, out of pure frustration with the process. And today that’s basically launching as Pilot, a startup that has now raised $15 million in a financing round led by Index Ventures.

“If you look at the history of bookkeeping, it goes back to the 1400s,” Daher said. “Probably the oldest written records were of transactions. Around 1400s, we invented double-entry bookkeeping, a system for how money moves into and out of various accounts of companies. That system, as articulated in 1400 in Venice, is basically still what people do in every American business today. You hire a bookkeeper or bookkeeping firm, you send them all your stuff and they track and produce the set of books. The way it’s done today is the same way it’s done in the 90s, the 40s.”

When a company starts working with Pilot, the actual core experience on the customer side doesn’t really change all that much: they still work with a human on the other end. But the bookkeeper from Pilot is working with the internal tools they have built to bring in the data from the company, organize it and structure it, and produce a set of books that are more accurate than someone might have produced than just doing it by hand. Customers will get the kinds of questions you might expect from a normal bookkeeper as they look to clarify what’s happening, but in the end the process happens much more seamlessly. They can integrate directly with their existing services like Expensify or Gusto (or ask Pilot to help out with that) and then go from there.

That kind of human-software mix is something that’s increasingly common in services businesses — like Pilot — as the tech industry figures out what should be automated and what should still be handled by a person. There are still a lot of things that a person can catch, but there’s also the actual human relationship, which isn’t a kind of repetitive task you’d want to automate with an algorithm. To begin, Pilot isn’t trying to force companies to completely rip out their bookkeeping software and start from scratch, and instead start to collect the electronic information they already have.

“Uber’s like that, the drivers are humans but the software makes them much more effective,” Index Ventures’ Mike Volpi said. “You can see it in a lot of applications where in IT support there’s a few businesses like this, you troubleshoot using software, and when you can’t you fix it pass it to humans. In customer service chats, a lot of times it’s an AI, and when the questions get tricky enough it rolls over to humans. It’s interesting because there are tasks which humans are fundamentally needed and there are tasks that are mundane that software can do and the human can avoid doing. It’s an interesting thesis around this hybrid.”

Prior to Pilot, the team sold another company to Dropbox called Zulip, and spent some time at the company as it continued to scale up (Dropbox is now in the process of going public). Some of the challenge alone was somehow assembling a team that found some fascination with the intersection of accounting, machine learning and working directly with customers, but so far McKellar said that they’ve been able to put one together thus far. And, more importantly, now that they are starting to roll out their service they can start getting some perspective on the industry as a whole.

“I think people can get motivated by almost any problem if you know you’re tackling a big problem for many people,” McKellar said. “But there’s quite a lot of subtlety to what we’re building. The rules and principles of bookkeeping are well define but the real world is really messy, and designing the right systems to automate bookkeeping at scale is actually a tricky thing. We have an incredible engineering team that is able to tackle this with the right mindset it. The analogy you can draw is self-driving cars — that’s a system normally done by a human, everyone understands what it takes to drive a car, what actions you should take. It’s difficult for people to put into words, what are the rules given a set of inputs, but it needs to work and be reliable.”

As more and more of this information comes in, and more and more companies start to work with Pilot, they can start spotting trends in the industry. For example, if a 17th SaaS business with a similar business model to other Pilot companies signs up, they could down the line take a look at their info and spot potential discrepancies based on anonymized trend data picked up from other comparables in the industry — or do a better job of spotting inefficiencies or others. And there are some obvious funnels for this already, like getting the right information for tax purposes to accountants.

There’s going to be a lot of increasing activity in this space, though. Already you’re seeing some funded projects like botkeeper, which are looking to find some ways to automate a bookkeeping service. There’s nothing quite so formalized and an obvious tool that looks to take out QuickBooks (and, again, a lot of these seem to be playing nice for now), and there’s always the chance that Intuit could try to take on the space itself. But at the end of the day, Volpi says it’s based on the team that they’ve assembled — and that combination of humans and algorithms — that gives them a shot at succeeding.

“If you look at a fundamental level, the bookkeeping for the doctor’s office or florist, it is really all following the same underlying principles,” McKellar said. “One of the engineering challenges is to build the tooling and systems and software in a way that’s intelligent. It has to be a set of processes that can flexibly accommodate every vertical over time. In some sense this company, why we raised this, was to validate a huge hypothesis — it’s possible to automate bookkeeping at scale across a range of industries.”

Here’s the rest of the investors in this round, since it’s a long list: Patrick and John Collison, Drew Houston, Diane Greene, Frederic Kerrest, Hans Robertson, Adam D’Angelo, Paul English, Howard Lerman, Joshua Reeves, Tien Tzuo, as well as many others.

Oct
18
2016
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SafetyCulture’s mobile safety management SaaS pulls in $23M Series B, led by Index

toolbox_meeting_iauditor SafetyCulture, the maker of a b2b inspection checklist app called iAuditor, has pulled in a $23 million Series B funding led by Index Ventures. Also participating Blackbird Ventures and Atlassian co-founder Scott Farquhar, who led its Series A round in 2014. Read More

Jun
07
2016
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Secret’s founder returns with Bold, a Medium for enterprise

David Byttow Bold David Byttow learned just how much goes unsaid inside companies while he was running Secret. Blasting private information out publicly causes harassment, which led Secret to flame out and give investors back some of their money. But now Byttow is channeling his insight into a new startup called Bold, which he tells me is a “platform for writing long-form content at work. Use cases… Read More

Apr
01
2016
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Slack is work chat’s runaway train, raises $200M at $3.8B

slack-hq The Slack rocketship won’t slow down. The business messaging startup has raised $200 million at a $3.8 billion post-money valuation, the company confirms to TechCrunch. The round was led by Thrive Capital, with participation by GGV, Comcast Ventures and Slack’s existing investors, including Accel, Index Ventures and Social Capital.
This brings the total funding for the… Read More

Apr
30
2015
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Campus Job, Connecting College Students With Employers, Raises $7.8 Million In Series A

campusjob1 Nearly eight months after launching a platform to connect college students with local job opportunities, Campus Job has raised a $7.8 million Series A round of funding led by General Catalyst Partners, with participation from Index Ventures, Box Group, SV Angel, Slow Ventures, Lerer Hippeau Ventures and others. Read More

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