Total amount raised
$65 Millions
Latest funding date
11/01/2022
Location
Teampay has successfully raised funding through multiple rounds, with its most recent round being a Debt Financing round closed on November 30, 2022. The platform offers an all-in-one purchasing solution designed to automate and streamline spend management for businesses.
Keep reading to explore the intricacies of Teampay's fundraising journey and the investors backing this innovative platform.
What Is Teampay?
Teampay, founded on April 28, 2016, is a FinTech and SaaS company based in New York, New York. The platform, created by Andrew Hoag, specializes in expense management, streamlining the purchase process across virtual and physical cards, invoices, and reimbursements.
With an employee count ranging between 51-100, Teampay is designed to make company purchases easy for employees and finance teams alike. The platform is particularly aimed at larger SMBs and middle-market businesses across various industries.
How Much Funding Has Teampay Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: November 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Teampay's expense management platform.
- Seed Round
- Amount Raised: $4M
- Date: February 2018
- Lead Investors: Crosscut Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand the team.
- Series A
- Amount Raised: $9M
- Date: September 2019
- Lead Investors: Tribe Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series A
- Amount Raised: $5M
- Date: October 2020
- Lead Investors: Fin Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling and improving the platform.
- Series B
- Amount Raised: Not publicly disclosed
- Date: January 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and expansion efforts.
- Series B
- Amount Raised: $47M
- Date: November 2022
- Lead Investors: Fin Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the partnership with Mastercard and grow sales and marketing operations.
- Debt Financing
- Amount Raised: $1K
- Date: November 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional financial flexibility.
Total Amount Raised: $66M
Current Valuation: Not publicly disclosed
Key Investors
- Fin Venture Capital
- Details: Fin Venture Capital is a venture capital firm that focuses on early-stage investments in financial technology and enterprise software companies. They led Teampay's Series B funding round.
- Investment Focus Areas: Fintech, enterprise software, financial services
- Notable Investments: Not publicly disclosed
- Mastercard
- Details: Mastercard is a global payments technology company that connects consumers, financial institutions, merchants, governments, and businesses worldwide. They have an existing partnership with Teampay, including a Mastercard-branded corporate card called Catalyst.
- Investment Focus Areas: Payment solutions, financial technology, digital transformation
- Notable Investments: Not publicly disclosed
- Proof Ventures
- Details: Proof Ventures is an investment firm that participated in Teampay's Series B funding round. Specific details about the firm are not publicly disclosed.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
- Trestle
- Details: Trestle is an investment firm that participated in Teampay's Series B funding round. Specific details about the firm are not publicly disclosed.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
- Espresso Capital
- Details: Espresso Capital is a venture debt firm that provides growth capital to technology companies. They participated in Teampay's Series B funding round.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
What's Next for Teampay?
Teampay's future looks promising as it leverages its strengthened partnership with Mastercard to expand its market presence and product offerings. The $47 million Series B funding will be pivotal in enhancing their spend management platform and growing their sales and marketing operations. The corporate spend management market, estimated at $15.9 billion, presents a significant opportunity for Teampay to capture a larger share.
As Teampay continues to grow, future fundraising opportunities are likely, given the increasing demand for corporate spend management tools and the substantial venture capital interest in this space. However, the company will need to navigate a competitive landscape with established players like Brex and Expensify, and ensure seamless integration and scaling of their solutions.
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