Switzerland-based expenses management software provider Yokoy received $80m in series B funding yesterday from investors including telecommunications firm Swisscom and stock exchange operator Six Group.
Venture capital firm Sequoia Capital led the round, which also featured Speedinvest, Zinal Growth, Visionaries Club, Left Lane Capital, Balderton Capital and unnamed angel investors.
Swisscom and Six Group took part in the round through their respective corporate venturing subsidiaries: Swisscom Ventures and Six FinTech Ventures.
Founded in 2019 as Expense Robot, Yokoy has created a cloud-based platform enabling companies to automate their spend management processes and integrate services into customers’ existing systems.
The company plans to use the series B proceeds to expand across Europe, grow its team and strengthen its security systems, artificial intelligence and automation technology. It has some 500 enterprise customers.
Left Lane Capital had previously led Yokoy’s $26m series A round in October 2021 with backing from Balderton Capital, following $1.8m in seed funding from Swisscom Ventures, Six and assorted angel investors in early 2020.
Yokoy’s co-founder and chief executive, Philippe Sahli, said: “Over the last three years, we have proven that we understand the needs of our customers and that we can build innovative, enterprise-grade products that address their problems.
“In the end, we do not want to be just another company that automates processes or that claims to have better company credit cards – we want to change the way companies spend money at its core. Given the trust that our investors have put in us, we are sure that we are on the right track.”
Image courtesy of Yokoy.
