Expenses Firm Pleo Snags $4.7 Billion Valuation in Funding Round
The company has nearly tripled its valuation since July, when it raised $150 million at a $1.7 billion valuation. The Copenhagen-based startup’s newest investors include technology-focused investment manager Coatue Management and hedge fund Alkeon Capital Management.
Previous investors include Bain Capital Ventures, Kinnevik AB and Stripes, a New York-based private equity and venture capital firm. Pleo’s looking to simplify corporate expense reports. The company’s platform integrates so-called smart payment cards with expense management and reimbursement systems.
The capital will help the company accelerate European expansion plans, with Austria, France, Portugal and the Netherlands being among markets the firm is looking to tap. Pleo already operates in the U.K., Ireland, Denmark, Sweden, Germany and Spain.
And like many fast-growing unicorns, Pleo sees its funding needs being met in private markets, with no immediate need for an initial public offering.
“Our vision is certainly big enough to create a massive standalone company,” said Rindom. “An IPO is certainly a way forward, but the way the financial markets have developed the past five years, it doesn’t have to be the only option,” he said.
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