Pleo turns unicorn, raising $150M in Series C round at $1.7B valuation

SaaS News -Pleo-raises-$150M-at-a-$1(source: SaaS Industry)
At a Glance

Pleo becomes a unicorn after raising $150B in its Series C funding round, which valued the company at $1.7B. This is the largest Series C funding for any Danish-headquartered company. It reached the unicorn milestone in just six years. 

Copenhagen-based Pleo, which offers smart payment cards for employees, attained unicorn status, raising $150 million in Series C funding at a $1.7 billion valuation from Bain Capital Ventures and Thrive Capital. Pleo said that this is the largest Series C investment raised by any Danish-headquartered company.

Pleo’s previous fundraise (Series B) was in 2019, where it bagged $50 million in a Stripes-led round. With this latest investment, the total funding raised by the company has crossed $228 million, as per Crunchbase. Other investors – Creandum, Kinnevik, Founders, Stripes, and Seedcamp – participated in this round, Pleo said.

In a statement on the company’s official blog, Jeppe Rindom, co-founder and CEO of Pleo, thanked the investors and over 17000 customers and enunciated the areas the fund would be used for. The proceeds from the fund would be used towards scaling the company, a primary objective. Pleo would build its existing products and deepen its market-specific offerings. That asunder, Mr. Rindom said,

Lastly, we’ll be spending more time and investment looking at market expansion, whether that’s opening new territories or doubling down on the six markets we’re in today. Offering truly local-first solutions so we can “win where we play.

Jeppe Rindom, co-founder and CEO of Pleo

Stating that Pleo has grown from an idea to a workforce of over 300, Mr. Rindom said that the company is on a mission to transform business spending and make everyone realize their value at work. 

Pleo, founded in 2015, provides smart company cards that automate expense reports and simplifies spending for companies. These smart payment cards keep companies in control of their expenditure and help employees buy things they need for work.

Keri Gohman, an operating partner at Bain Capital Ventures, who would be joining Pleo’s Board of Directors now, stated that the future of work must empower employees with the necessary tools to remain in the game and be productive. Stating that Pleo understands the need for organizations to be employee-centric, Ms. Gohman added,

Pleo understands this critical shift for modern companies toward employee centricity—providing workers with a fun-to-use spend management app that automatically tracks their corporate spending and generates expense reports, paired with the powerful tools businesses need to create full visibility and management of every penny spent.

Keri Gohman, an operating partner at Bain Capital Ventures
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