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Expensify 'Expense reports that don't suck!' Announces $5.7M Series A Financing, 100K Users
Sep 08, 2010 (11:09 AM EDT)
SAN FRANCISCO, Sept. 8 /PRNewswire/ -- Privately-held Expensify, Inc. announced today that it secured $5.7M in Series A financing in July 2010. The round was led by Redpoint Ventures, and was joined by all investors from the May 2009 $1M seed round: Hillsven Capital, Baseline Capital, and Travis Kalanick. Additionally, Expensify announced it has soared past 100,000 users, marking three consecutive quarters of accelerating growth.
As part of the financing, Redpoint founding partner Tim Haley has joined Expensify as its newest board member. He remarked, "Redpoint has long emphasized the importance of innovative, high-velocity customer acquisition strategies as critical for unlocking the small-business enterprise space -- and Expensify is on the cutting edge. Because of this we actively sought out Expensify for investment, and believe it has a clear and growing lead in the emerging small-business expense reporting market."
Expensify founder and CEO David Barrett commented, "We were incredibly flattered when Redpoint approached us with this opportunity. They were already true believers in using consumer-marketing and viral-sale techniques to turn previously uncrackable markets like the SMB space into enormous greenfield opportunities. They understood what we were doing better than we did, and that experience making these unorthodox methods work in the real world brings enormous value. The decision to go with Redpoint was obvious from the start."
"These techniques work: without spending anything on customer acquisition we've already signed up thousands of small businesses and a hundred thousand users, with growth accelerating and no end in sight. These paying customers would have been prohibitively expensive to acquire through classic advertising, even online ads. But our 'bottom up' adoption technique allows employees to sign up and submit to their employers proactively, enabling the viral dynamics of classic expense reporting to naturally pull us up and throughout the organization," he added. "In effect, our users are our salesforce, and that force is growing fast."
About Expensify, Inc.
Expensify does "expense reports that don't suck!" by importing expenses and receipts from credit cards and mobile phones, submitting expense reports through email, and reimbursing online using QuickBooks and direct deposit. Expensify is a leading app in the Intuit Workplace, a launch partner in the Google Apps Marketplace, a "Force 40" application in the Salesforce AppExchange, and ranked highly in the iPhone, Android, BlackBerry, and Palm Pre application marketplaces.