AppZen, a US-based finance management software producer backed by payment services provider Mastercard and media group Bloomberg, raised $50m yesterday in a series C round led by investment manager Coatue Management.
The round included venture capital firms Redpoint Ventures and Lightspeed Venture Partners and it boosted the company’s funding to $102m. The funding was secured at a $500m valuation, sources told TechCrunch.
AppZen’s artificial intelligence-equipped software automates the approval of spending decisions, meaning finance teams can work more quickly with more detailed understanding of how their organisations are using their cash reserves while ensuring regulatory compliance.
The company said it quadrupled its revenue in 2018 and it now has some 1,500 corporate customers. It has recently expanded its headquarters as well as offices in the UK and elsewhere in the US, in addition to opening an Indian office.
Anant Kale, AppZen’s co-founder and CEO, said: “With this funding, we are able to focus on expanding our AI, engineering and product teams while maintaining our unique company culture, supporting the needs of our customers and expanding our capabilities to continue to break ground on AI solutions for enterprise CFOs and their teams.”
Mastercard joined Bloomberg subsidiary Bloomberg Beta to provide $2.9m in seed capital for the company in 2016 alongside Resolute Ventures, Silicon Valley Bank and FundersClub.
Resolute Ventures returned for a $13m series A round led by Redpoint Ventures in late 2017, and both were part of a $35m series B round led by Lightspeed Venture Partners that closed in November 2018 at a reported $175m valuation.
