Pleo triples its valuation to $4.7b with a $200m Series C funding round extension

By Joy Dumasia

Pleo, which offers a simplified expense management tool and smart company cards, has just extended its Series C round by $200m (USD), raising the total to $350 million. Having reached unicorn status in July 2021, the new funding has nearly tripled its valuation to $4.7 billion and means Pleo consolidates its position as the largest spend management company in Europe. 

The extension was led by the technology-focused investment manager, Coatue Management, followed by Alkeon Capital, joining Pleo’s Series C. There was further support from the existing investors, Bain Capital Ventures, Thrive Capital, Creandum, Kinnevik, Founders, Stripes and Seedcamp. 

The new funds will enable Pleo to accelerate its growth plans further, including a massive roll-out across Europe from 2022. Having announced their imminent entrance into Austria, Pleo now has eyes on fourteen EU territories, starting with Finland, the Netherlands, France and Portugal. 

The funds raised will also further Pleo’s commitment to acquire one million engaged users by the end of 2025. They’re already seeing up to 1,000 new customers getting started with Pleo every month in the last six months, spurred by the launch of a freemium model this autumn, which brought the solution available to an even broader customer base.

Jeppe Rindom, Co-founder and CEO at Pleo, says: “We’re thrilled to announce the extension of our Series C, welcoming Coatue and Alkeon to Pleo. Our growth in the last year has been exponential, and the investment community has recognised our leading position. With such great investment partners on board, the future is extremely bright for Pleo, and our mission to transform the way businesses look at spend management. The fact is that we didn’t need to continue to raise this year, but our Series C saw such demand that this extension was made possible. We have big ambitions to grow further across Europe, helping more businesses to solve their spending challenges and empower their teams. We’re talking about 15 new territories in Europe, meaning we want to be operating in over twenty countries by 2023. The money helps, but we’re not complacent. We’ll continue being Pleo: pushing forward, doubling our 400-strong team, iterating our product, building more tools and features, taking us from invoice management and employee reimbursement into lending and beyond. It’s a hugely exciting time, and we look forward to the next stage of Pleo’s growth.”