Hillsven is a seed capital venture firm focused primarily on Silicon Valley and Israeli startups. Nothing is publicly known about the organization other than this [announcement](http://www.techcrunch.com/2008/10/28/bleacher-report-hunkers-down-with-35-million-more/).  If you have more information, please update this profile.

Hillsven Capital

UpWest is a Silicon Valley-based seed fund investing in Israel’s most promising entrepreneurs. UpWest is focused on a hands-on approach to supercharge the growth of its startups, providing the essential ingredients for success: seed funding, proximity and access to markets and capital, and a supportive community of talented peers. For more information, visit upwest.vc.

UpWest

Bloomberg Beta is an early-stage venture capital firm with $375M under management, capitalized solely by Bloomberg. The fund exists to expand Bloomberg’s horizons by investing in companies built by extraordinary founders that make business work better, with a focus on machine intelligence.

Bloomberg Beta

SignalFire is a complete redesign of the modern venture firm based on six years of careful study, development, and iteration on how to fuel today's entrepreneur. Their distributed network approach gives access to some entrepreneurs, product, and engineering leaders in virtually every key discipline and industry, provided by a centralized team of investors and engineers trained at General Catalyst, Bessemer, KPCB, Google, and Yahoo. They have developed a centralized infrastructure to help with recruiting, business development, customer acquisition as well as educational and community events. They invest in leaders with an uncommon passion and perspective for leveraging data and technology solutions to upend substantial markets.

SignalFire

NextWorld Capital is a venture capital firm that invests in enterprise technology startups and helps them grow into global leaders. We lead Seed, Series A and B rounds and then help entrepreneurs design and build the right GTM model and accelerate growth with our Global Enterprise Platform, which brings together the best enterprise startups and 100+ of the largest global corporates as customers and partners. NextWorld’s investments include Zuora (ZUO) and Gong. Headquartered in San Francisco with operations in London and Paris.

NextWorld Capital

Insight Partners is a global software investor that partners with growth-stage technology and software companies. Insight has a deep focus in Fintech, Cybersecurity, AI/ML, DevOps, and Healthcare sectors. Across their people and their portfolio, they encourage a culture around a core belief growth equals opportunity. As of December 31, 2022, the firm has over $75B in regulatory assets under management. Insight Partners has invested in more than 750 companies worldwide and has seen over 55 portfolio companies achieve an IPO.

Insight Partners

Blackstone Group is a private equity firm that invests in private equity, real estate, public debt, equity, non-investment grade credit, real assets, and secondary funds.

Blackstone Group

Stampli

Stampli is a developer of an accounts payable automation platform to take control of invoice and bill processing. Its AI learns an organization's unique patterns to simplify GL coding, automate approval notifications, and identify duplicate invoices.

Stampli offers an AI-based platform for accounts payable (AP) automation that looks to centralize and manage business payments across all departments and functions. The platform covers the AP process from verifying invoices and terms to obtaining approvals and making payments while also automatically allocating costs across the organization. Stampli claims its platform increases the speed of approvals by 5x compared to manual systems.&nbsp;

Platforms, apps, and cards to keep the corporate wallet in check

Business Expense Management

AI-driven adaptability earns Stampli the highest satisfaction rating on G2's AP Automation Grid

The comprehensive integration means that mutual enterprise customers performing any manual invoice or payment process in SAP ERP – can now be optimized with Stampli’s AP Automation software.

Stampli offers an AI-based platform for accounts payable (AP) automation that looks to centralize and manage business payments across all departments and functions. The platform covers the AP process from verifying invoices and terms to obtaining approvals and making payments while also automatically allocating costs across the organization. Stampli claims its platform increases the speed of approvals by 5x compared to manual systems.&nbsp;Through its AI, the platform also attempts to simplify general ledger (GL), automate approval and verification flows, and identify duplicate invoices. Stampli also offers visibility on expenses (through search, reports, and dashboards) and payables for an organization, including an indication of which invoices need to be paid and by when. Moreover, the Stampli platform can also be integrated with several accounting and finance softwares, including QuickBooks, NetSuite, and Sage Intacct.Although Stampli was initially reliant on third-party payment platforms, it launched its own “Direct Pay” in 2020 to enable users to make AP payments directly from the platform - using ACH or check payments - even to vendors outside of the Stampli platform. However, Stampli remains payment platform-agnostic, where around 20%–25% of its customers used Direct Pay as of May 2021.&nbsp;In addition to its AP automation platform, Stampli offers a platform to issue virtual business expense cards for employees that have pre-approved spend limits and can be issued for single, multiple, and recurring payments. The transaction data from the cards are also integrated with the platform, thereby offering better spend visibility and insights.In&nbsp;<a href="https://sp-edge.com/updates/33866">September 2024</a>,&nbsp;Stampli upgraded its AP automation platform with AI enhancements which includes a new purchase order (PO) matching service and&nbsp;"cognitive AI”, a new enhancement featuring GenAI to improve process accuracy.Key customers and partnershipsThe company had around 1,000 customers as of May 2021, including Purple, Renova Energy, Techstars, Revolve, and SIMA.&nbsp;&nbsp;

<div>
 
 Expensify offers an app that provides a diverse range of expense and payment solutions and insights for individuals and enterprises. It offers business expense cards and reimbursement platforms with automated receipt scanning and approval workflows. Expensify also provides bill payment solutions with automated tracking, approval, and payment.&nbsp;
 
 
 
 
 Its corporate cards also offer benefits to users in the form of discounts when using several B2B platforms such as Stripe, AWS, Quickbooks, and Stack Overflow. Expensify can also be integrated with several third-party HR, tax, accounting, and travel platforms software.
 
 
 
 
 The company follows a freemium pricing model. For business expense cards, users are charged a monthly fee per card. Non-card reimbursement and business payout management platforms are subscription-based.
 
 
 <a href="https://sp-edge.com/updates/23003">
 In October 2023
 </a>
 , Expensify added a feature to its app that allows users to send and receive money, split expenses within individuals or groups, and use chat functionality, signaling the company's entry into personal finance.
 
 
 
 
 Key customers and partnerships
 
 
 
 
 As of October 2021, the platform had over 10 million end users, across several enterprises including La Trobe University, Swatch Group, Pinterest, and Atlassian. Moreover, Expensify reportedly had around 
 <a href="https://sp-edge.com/updates/23613">
 719,000 paid members
 </a>
 as of November 2023.&nbsp;
 
 
 
 
 Funding and financials
 
 
 The company&rsquo;s
 <a href="https://sp-edge.com/updates/26941">
 revenue amounted to USD 150.7 million
 </a>
 in 2023, with an adjusted EBITDA margin of 13.2%.
 
 
 
 The company&rsquo;s 
 <a href="https://sp-edge.com/updates/16593?industryIds=76">
 revenue amounted to USD 169.5 million
 </a>
 in 2022, with an adjusted EBITDA margin of 25.1%.
 
 
 
 
 The company was listed on the Nasdaq in November 2021, where it raised around USD 70 million at a USD 2.2 billion valuation. 
 
</div>

Expensify

Coupa offers a procurement and accounts payable management software that lets enterprises automate the management and settlement of payables (from invoice matching to payments) and supply chain activities. It also offers a travel and expense (T&amp;E) management platform, with embedded fraud detection, for employees to access integrated travel management solutions including travel booking, price assurance, and other traveler services.The company also operates the “Coupa App Marketplace,” a platform for business users to connect with certified solutions for supply chain, procurement, and finance functions. In March 2024, the firm introduced a number of <a href="https://sp-edge.com/updates/27258">AI-based features</a> to automate tasks, improve efficiency, and enable smarter decision-making for businesses. The firm also plans to launch Forecast Collaboration, a new solution to improve communication between buyers and suppliers by May 2024.In <a href="https://sp-edge.com/updates/33007">August 2024</a>, Coupa introduced a further series of AI-driven features such as Coupa Navi, Contract Intelligence enhancements, and the Coupa Advantage Marketplace. to help companies optimize process efficiency and improve productivity.The company raised aggregate gross proceeds of USD 153 million through an IPO in October 2016 and was listed on the Nasdaq. However, in December 2022, the company <a href="https://sp-edge.com/updates/15272?industryIds=76">entered a definitive agreement </a>(completed in February 2023) to be acquired by Thoma Bravo for USD 8 billion and be delisted from the Nasdaq. Key customers and partnershipsThe company offers its solutions to several industries, ranging from automotive and banking services, to oil and gas, and telecommunications. Its clients include several large global enterprises, including Sanofi, MGM Resorts, Salesforce, Juniper Networks, and Cooper Standard.Coupa delivers its payout solutions in partnership with several companies. Its virtual card partners include AirPlus, HSBC, Citi, and J.P. Morgan, while its payment tech providers include Stripe, Mastercard, PayPal, and TransferMate. In October 2022, <a href="https://sp-edge.com/updates/14052">Coupa partnered </a>with integration and automation solution provider, TradeCentric, to optimize the former’s procurement solutions. The company subsequently <a href="https://sp-edge.com/updates/17669">partnered with </a><a href="https://sp-edge.com/companies/59">Goldman Sachs </a>in April 2023, to leverage the latter’s payment, treasury, and banking infrastructure solution, “Transaction Banking (TxB).”In January 2024, the <a href="https://sp-edge.com/updates/25856">company partnered with Tonkean, </a>a no-code platform to develop business applications to launch “Tonkean Intake Orchestration for Coupa”, in Coupa App Marketplace, to improve intake-to-procure processes for customers.Moreover, Coupa launched an investment fund of USD 50 million in June 2021 to invest in early- and growth-stage startups in the business spend and procurement management industry. The funds first two portfolio companies were SaaS expense management platform, <a href="https://sp-edge.com/companies/408080">Zylo </a>, and procurement management platform, <a href="https://sp-edge.com/companies/152710">SourceDay </a>.

Coupa

Brex offers short-term financing (including earned revenue access) and expense management solutions. The platform primarily offers cards for businesses, including business expense card and corporate cards for larger businesses. Brex issues corporate cards based on several factors such as funding raised, revenue, and cash balances, instead of relying solely on credit scores for approvals.&nbsp;&nbsp;Brex also offers an automated bill payment solution for enterprises to manage payouts. This lets users choose several payment methods (ACH, wire transfers, checks, or cards) and also integrates with accounting systems such as Quickbooks and Xero. The company subsequently launched “Brex payables” in August 2023, an AI-enabled AP solution (from receiving invoices to approving payment) that combined bill payment and purchase card capabilities..In&nbsp;<a href="https://sp-edge.com/updates/33808">September 2024</a>, Brex launched Brex Embedded for global payments integration.&nbsp;Key customers and partnerships&nbsp;Brex users span several groups, such as tech startups, venture capitalists, and ecommerce companies. Brex primarily targets SMBs, and, as of October 2021, it reportedly generated around 60% of its revenue from mid-market companies. However, the company shifted its focus away from small businesses in June 2022, to focus on startups (pre-seed and venture funded companies) and mid-to-large-sized companies. Brex laid off around 11% of its workforce in October 2022, to increase focus on the company’s new strategy, and achieve sustainable profitability for years to come. It subsequently laid off a further 20% of its employees in January 2024 to make the company more agile and accelerate its path to profitability.<a href="https://sp-edge.com/updates/20254">Brex partnered </a>with <a href="https://sp-edge.com/companies/359227">Airwallex </a>in July 2023, to leverage AIrwallex’s network of 50+ global licenses, to support local currency collections for global corporate cards and employee expense reimbursements across the globe.&nbsp;In December 2023, Brex along with&nbsp; <a href="https://sp-edge.com/companies/780841">Ramp </a><a href="https://sp-edge.com/updates/25146">collaborated with Uber’s enterprise arm </a>to improve expense processing efficiency by automating the receipt handling for Uber transactions while ensuring&nbsp; compliance with company policies.&nbsp;Funding and financials&nbsp;Brex raised USD 745 million in Series D funding across two rounds in 2021 (October and April) and was valued at USD 12.3 billion as of October 2021 (up from USD 7.4 billion in April).&nbsp;

Brex

<div>
 
 Navan (formerly known as TripActions) offers a business and personal travel platform and pivoted to the expense management business by launching &ldquo;TripActions Liquid&rdquo; (Liquid) in early 2020. The company continues to offer a range of expense management solutions beyond just travel expense claims, including business expense cards and an employee reimbursement platform.&nbsp;
 
 
 
 
 The expense cards include physical and virtual cards with spend controls, policies and compliance, reconciliation, and custom dashboards for insights. Moreover, the cards reportedly bear zero foreign transaction fees (as of April 2022).
 
 
 
 
 The company claims that the Liquid platform reduces expense reporting hours by upto 66% and reconciliation time by 95%.&nbsp;
 
 
 
 
 Key customers and partnerships
 
 
 
 
 Navan had around 8,800 enterprise customers as of April 2022, at which point Liquid was used by over 600 companies, including Zoom, Lyft, Pinterest, and Patreon.&nbsp;
 
 
 
 Navan partnered with Visa and Mastercard in June 2023, to launch &ldquo;Navan Connect&rdquo;, a patented card-link solution that allows businesses to connect corporate cards from third parties, for expense management and reconciliations. The company planned to expand its network tie-ups in the future.&nbsp;&nbsp;&nbsp;&nbsp;
 
 
 Funding and financials
 
 
 
 The volume of transactions processed through Navan reportedly increased by 7.5x since the period between June and September 2022.
 
 
 
 In October 2022, Navan 
 <a href="https://sp-edge.com/updates/13743">
 raised USD 304 million in funding
 </a>
 , comprising a USD 154 million Series G round and a USD 150 million structured financial deal, to invest in expanding its global operations. The round valued the company at USD 9.2 billion, against its USD 7.25 billion valuation in October 2021. Moreover, the funding came just weeks after Navan reportedly
 <a href="https://sp-edge.com/updates/13440?industryIds=76">
 filed confidentially to go public
 </a>
 in Q2 2023 at a USD 12 billion valuation.&nbsp; 
 
</div>

Navan

<div>
 
 Ramp offers a comprehensive set of tools for expense and payout management. Its &ldquo;5-in-1&rdquo; software covers business expense cards, expense reimbursement platforms, and bill payment solutions (through ACH, checks, and virtual cards) and also includes automated accounting and reporting. Ramp came out of stealth in February 2020 with its business expense card offering (including physical and virtual cards) and thereafter expanded to other expense and payout solutions. The platform also offers bi-directional integration (to incorporate a contract review process into the approval workflow), dynamic intake forms, purchase order enhancements, among other features
 
 
 
 
 The platform lets users set and implement spend controls and expense policies and also helps enterprises manage their expenses through categorization, real-time reporting, and insights. Ramp claims it can enable businesses to close their books 86% faster than through traditional expense methods and reportedly reduces its users&rsquo; spending by 3.3% on average. 
 
 
 Ramp has used acquisitions as a means of inorganic growth. In June 2023, it 
 <a href="https://sp-edge.com/updates/19688">
 acquired Cohere.io
 </a>
 , to drive AI-related projects to help customers save time and money. Ramp also offers autonomous agents that concentrate on essential tasks such as expense management, fraud detection, and contract negotiations, utilizing both internal data and the broader linguistic context from GPT and the internet. In January 2024,
 <a href="https://sp-edge.com/updates/26114">
 Ramp&nbsp; acquired Venue,
 </a>
 a procurement solutions provider (primarily for large organizations) to improve employee purchase request, approval, and payment processes..
 
 
 
 
 Ramp can also be integrated with a range of third-party apps and service providers, including Amazon Business, Lyft, Corporate Traveller, Google Suite, and BambooHR.&nbsp;&nbsp;
 
 
 
 
 The company primarily generates revenue through card payment interchange fees, and was yet to generate revenue from its bill payment solution as of March 2022, despite seeing volume growth. Ramp expanded its bill payment solution in August 2022, by
 <a href="https://sp-edge.com/updates/13437">
 launching buy-now-pay-later (BNPL) solution
 </a>
 , &ldquo;Flex.&rdquo;
 
 
 
 
 Key customers and partnerships
 
 
 
 
 Although Ramp initially focused on the SMB market, the company has expanded its focus market to larger enterprises, including Ro, Avelo, and Anduril. Ramp had over 15,000 business customers as of August 2023. Based on the new customer sign-ups in June 2022 (compared to May) Ramp reported faster growth in its enterprise segment customer base - up 300%&nbsp; - than its mid market (up 50%) and SMB (up 22%) customers.&nbsp;
 
 
 
 Ramp has also invested in several expense management companies across the globe, including MENA-focussed 
 <a href="https://sp-edge.com/companies/1833119">
 Pluto
 </a>
 (February 2022) and Indian fintech 
 <a href="https://sp-edge.com/companies/947785">
 Karbon
 </a>
 .&nbsp;
 
 
 <a href="https://sp-edge.com/updates/24091">
 In November 2023,
 </a>
 Ramp collaborated with Microsoft Copilot, integrating AI for finance tasks, including card issuance and anomaly detection, reducing manual work with the&nbsp; aim of streamline finances for enhanced strategic focus.
 
 
 
 
 In December 2023, Brex along with&nbsp; 
 <a href="https://sp-edge.com/companies/780841">
 Ramp
 </a>
 
 <a href="https://sp-edge.com/updates/25146">
 collaborated with Uber&rsquo;s enterprise arm
 </a>
 to improve expense processing efficiency by automating the receipt handling for Uber transactions while ensuring&nbsp; compliance with company policies. 
 
 
 Funding and financials
 
 
 
 
 Ramp reportedly processed over USD 10 billion in accounts payable volumes annually, as of January 2024.
 
 
 
 
 In 
 <a href="https://sp-edge.com/updates/28597">
 April 2024
 </a>
 , Ramp raised USD 150 million in an extension to its series D round, at an increased valuation of 7.65 billion compared to its valuation of USD 5.8 billion in August 2023 where it raised USD 300 million in funding. The funding was allocated to expand its use of AI and to back potential acquisitions.
 
 
 
 The company 
 <a href="https://sp-edge.com/updates/21235">
 raised USD 300 million
 </a>
 in a funding round in August 2023. The funds were earmarked for accelerating expansion, product developments, and recruitment.
 
</div>

Ramp

Solutions that enable employees to avoid out-of-pocket spending on business expenses, using company-issued payment cards.

Platforms that let employees scan receipts (through OCR) and automatically submit claims to receive reimbursements with the limited involvement of admin, finance, or HR staff.

Platforms offering payout automation solutions that cover the process either entirely or partially—from vendor onboarding to making payments.

Can extract information from invoices/receipts, classify expenses, automate approval and reconciliation processes, and offer insights

Tools can usually be customized based on a user's business nature and workflows

Partner with open banking infrastructure providers to enable account-to-account payments and topping-up cards

Insights and visibility on expenses and payout processes improves transparency in business spend and reimbursements

Solutions commonly include software platforms that digitize, automate, and offer insights on expenses for businesses

ANALYST_QUICK_TAKE

PROMINENT_CATEGORY

<div>
 Accounts payable (AP) automation platform, Stampli, unveiled an upgrade that includes a new purchase order (PO) matching service. Customers using Oracle NetSuite, Sage Intacct, and SAP can access this service as an add-on, and its compatibility with more financial systems is anticipated in the near future.
 The upgrade, which employs traditional AI, GenAI, and business process modeling, aims to enhance the accuracy of matching POs and managing discrepancies in line items, quantities, prices, amongst others. The so-called "cognitive AI" system, stemming from existing large language models, incorporates multiple checks and balances to strengthen its accuracy.
 Stampli alleges that the system reaches up to 97% accuracy in matching POs and is capable of continual improvement through regular feedback. This advancement can significantly reduce time spent on various AP tasks by up to 90%, freeing up finance teams to work on strategic tasks like activity-based costing and project planning.
</div> Analyst QuickTake : 
 Stampli’s recent product update adds GenAI to its AP automation platform, placing it alongside other companies integrating similar technology. In <a href="https: 
//sp-edge.com/updates/31988"> July 2024 </a> , TranscendAP added AI and ML to its platform to improve workflows. Medius launched Medius Copilot and Medius Supplier Conversations in <a href="https: 
//sp-edge.com/updates/30893"> June 2024 </a> , and, in <a href="https: 
//sp-edge.com/updates/27401"> March 2024 </a> , HighRadius introduced its GenAI-driven automation suite for AP processes.

Stampli

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