OpenView Leads Expensify’s $17.5M Series C Financing
We’re very pleased to welcome Expensify to the OpenView family after leading the San Francisco-based company’s $17.5 M Series C financing round. Expensify was founded in 2008 with one goal in mind — to make expense reports not suck. And, after switching to Expensify earlier this year as part of our due diligence, I can proudly say that everyone here at OpenView, from our operations team to the accounting department, agrees that the company has achieved this goal. In fact, more than 16,000 businesses also agree, including many of OpenView’s own portfolio companies.
Automating Expense Reporting
As many professionals can attest, expense reporting has never been an easy or intuitive process, only compounded by the fact that most mid-sized and SMB companies still rely on Microsoft Excel and manual data-entry to handle expenses. As such, Expensify plays in a vastly underserved market, one that we feel the company is well positioned to own.
As a user, I can attest that Expensify’s mobile-first strategy saves my time and preserves my sanity. I’m no longer worried about losing receipts or returning home from a business trip with a massive ball of crumpled paper in my bag. Adding insult to injury, many business professionals are required to use glue sticks and tape to get receipts into a scannable format – making the effort more like a third grade art project than a real business process. I like to joke that Expensify’s software is disrupting the glue market, one stick at a time.
Expensify’s automated tools and mobile-first approach make the software a no-brainer for business users. Capabilities like easy-to-use mobile applications for Android and iOS, receipt SmartScan, deep integrations with Uber, Priceline and NexTravel, and direct import from bank accounts and credit cards are just a few ways Expensify provides an all-around better approach to expense reporting.
Here’s to Expense Reports That Don’t Suck
At OpenView, we’re always looking for innovative SaaS companies dedicated to building truly enduring businesses. Expensify has transformed an inefficient, outdated process into one that occurs almost entirely in the background. Their team is constantly innovating on the product to make the end user experience ever more elegant and effortless. All of this helps people reclaim their business trips…to focus more on enjoying that latte with their colleague and less on organizing little pieces of paper.
We’re so thrilled to have Expensify as part of the OpenView family and look forward to helping them further grow and scale. Here’s to expense reports that don’t suck!