Teampay, a U.S.-based provider of distributed spend management software, announced last week it secured $12 million through its Series A financing round, which was led by Tribe Capital with participation from existing investors Crosscut, Silicon Valley Bank, and Precursor Ventures. The company reported that the investment round brings its total funds raised to $16 million.
Founded in 2016, Teampay explained that it delivers smart purchasing for empowered teams. It also claims to modernizes how companies manage to spend, by delivering intelligent automation, robust integrations, and a “delightful” user experience.
“We help companies focus their resources on growth, not overhead. Teampay is the first purchasing software built for modern, technology-enabled businesses. Our products enable companies to request, approve and track expenditures in real-time. We give finance teams control and transparency, while empowering workers to be successful. Through automation we reduce the torment of manual processes, allowing our customers to concentrate on building the business.”
While sharing more details about the company, Teampay founder and CEO, Andrew Hoag, stated:
“The purchasing department of today is all your employees,” commented Hoag. “With legacy tools, you have no proactive control, and controllers spend days or weeks at the end of the month trying to code and reconcile what was spent. That’s why we created Teampay – the first distributed spend management platform that makes it safe and frictionless for everyone to buy on behalf of the company, whilst enforcing policy upfront and automatically reconciling in real-time.”
Jonathan Hsu, Co-Founder and General Partner of Tribe Capital, went on to add:
“The increasing speed of business and greater autonomy of individual employees to make decisions has fundamentally changed how businesses spend money,” said “We invested in Teampay because it delivers the critical distributed spend management capabilities that every business needs, it’s the only product in the procurement space that has a complete platform approach, and it provides seamless interoperability with ubiquitous legacy finance systems.”