Teampay, the leading provider of distributed spend management software, has closed a $12 million Series A financing led by Tribe Capital with participation from existing investors Crosscut, Silicon Valley Bank, and Precursor Ventures, bringing the total funds raised to $16M.
“The increasing speed of business and greater autonomy of individual employees to make decisions has fundamentally changed how businesses spend money,” said Jonathan Hsu of Tribe Capital. “We invested in Teampay because it delivers the critical distributed spend management capabilities that every business needs, it’s the only product in the procurement space that has a complete platform approach, and it provides seamless interoperability with ubiquitous legacy finance systems.”
The company reported double-digit monthly growth for the 7 prior quarters, signaling the shift in digital-first companies from centralized procure-to-pay processes to employee-first, distributed spend management. To support this growth, Teampay recently rounded out its leadership team with the addition of new executives: Peter Nesbitt, VP Finance; Nicole Lindenbaum, VP Marketing; and Matt Petcoff, Head of Sales. Having proven its products to hundreds of rapidly growing enterprises in the US like Chime, Mixpanel, and RiskIQ, the funding will go towards scaling the Teampay platform for agile-minded CFOs and controllers around the country.
“Teampay’s request and approval workflow was a game changer for us. We had been looking for a way to proactively enforce policy controls and automate the procurement workflow and reconciliation,” said Kevin Neary, Controller at Wistia. “With Teampay, there are no more emails from the business with card requests. No more manually logging into a system to spin up a new card. Most importantly, no more being a bottleneck for requests.”
Teampay founder and CEO, Andrew Hoag, recognized the opportunity during his previous entrepreneurial pursuits. “The purchasing department of today is all your employees,” commented Hoag. “With legacy tools, you have no proactive control, and controllers spend days or weeks at the end of the month trying to code and reconcile what was spent. That’s why we created Teampay - the first distributed spend management platform that makes it safe and frictionless for everyone to buy on behalf of the company, whilst enforcing policy upfront and automatically reconciling in real-time.”