Tribe leads $12M Series A into Teampay to make managing employee expenses painless
The modern office worker is heavily engaged with expenses. From buying SaaS products and purchasing team lunches to securing freelancers for outsourced work, employees need access to purchasing power on behalf of their companies on a regular basis.
Unfortunately, offering that purchasing power is fraught with difficulty. Companies want to manage their cash carefully to ensure audit compliance and prevent fraud, which often means that rather than empowering employees to spend what they need, they force them to work with byzantine “p-card” rules to make anything happen.
Teampay wants to change that calculus by giving every employee a beautiful platform to buy the goods, tools, and services they need while keeping them within defined company policy.
The New York City-based startup announced today that it raised a $12 million series A round from Jonathan Hsu of Tribe Capital . Existing investors Crosscut, Silicon Valley Bank, and Charles Hudson of Precursor Ventures also participated.
When I chatted with the company last year, founder and CEO Andrew Hoag had just locked in a $4 million seed round and had recently launched the platform. Since then, “We brought in our first sales reps, brought in one marketing hire, and we’re growing by
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