Pleo plans European expansion following $200m raise

Danish startup Pleo said it plans to enter 15 new European markets after raising $200 million.

The funding is part of an extension to its July funding round of $150 million which valued it at $1.7 billion.

The expense management platform, which achieved unicorn status early the year, plans to launch in European markets kicking off with Finland, the Netherlands, France and Portugal, following the funding.

Pleo, founded in Copenhagen in 2015, currently operates in Denmark, Sweden, Germany, Spain, Ireland and the UK, and has more than 20,000 companies as customers. Its business is aimed at SMEs.

The latest funding round was led led by Coatue Management while its other backers include  Alkeon Capital and Bain Capital Ventures.

Pleo said the funds would also be used to upskill and double its 400-strong workforce and improve its product as well as building new products.

In a company blog, Pleo said: "The additional funds let us think a few more years ahead than the original Series C. The funds put us in a good space to be more aggressive with growth, and really double-down on our efforts to revolutionise business spending for forward-thinking companies everywhere."

It added: “From invoice management to employee reimbursements to lending and credit and beyond. We’ll be taking this investment to ramp up the Pleo offering even more for our committed customers. 

“We’ll also be taking a closer look at the needs of each of our markets, to ensure Pleo is the local-first solution for companies everywhere. “