Expense Management Startup Divvy Raises $35 Million: Travel Startup Funding This Week
Photo Credit: Some fans of Divvy pose for a photo. The expense management software startup, based in Utah, announced that it had raised a $35 million Series B. Divvy
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Divvy launched in April, and it may already be valued at $150 million. One possible lesson for other startups is that customers may be eager for simple, one-stop interfaces because they're facing "dashboard fatigue" from having to check too many other online systems.
Travel Startup Funding This Week
Each week we round up travel startups that have recently received or announced funding. Please email Travel Tech Reporter Justin Dawes at [email protected] if you have funding news.
The total funding publicized this week was about $42 million.
>>Divvy, an expense management software company, has raised $35 million in a Series B funding round.
Insight Venture Partners led the round. It was only in May that the startup, located in Lehi, Utah, had raised a $10 million Series A. It has raised more than $55 million to date.
Many companies, such as Expensify, aim to automate the travel and expense reporting process to increase transparency, cost-effectiveness, convenience, and security. Divvy differs in that it doesn't try and play catch up with receipts and expense reports. It sets everything up so that once an employee swipes their physical card or spends on a virtual card everything is approved and automated.
All Divvy clients give corporate cards to employees. They can set limits on those cards, but users can request additional funds to the card in real time. Think Venmo with a corporate card attached to it. Virtual cards can be used for an entire
