INSUBCONTINENT EXCLUSIVE:
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
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
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
point for organizations is the actual purchase of a particular good or service, what companies are really looking for is better tools to
With more and more businesses hiring freelancers these days, it can be challenging to offer contingent workers access to spending power
without onerous bureaucratic systems that ultimately cost more in lost salary and productivity than savings in cost management.Teampay
founder and CEO Andrew Hoag
Photo via Teampay.In addition to hiring in sales and engineering, Teampay has also hired several senior executives over the past year
Peter Nesbitt joined as VP of Finance, and was formerly VP of Finance at Unified and director of finance at Bitly
Nicole Lindenbaum joined as VP of Marketing from PeopleDoc and Yodle, while Matt Petcoff joined as head of sales from Inturn and Movable
Ink.Spend management has heated up acutely in the past year, with Brex reaching unicorn status with its now ubiquitous cards targeting
startups and Stripe announcing its Stripe Corporate Card along a similar vein.Hoag emphasized that Teampay targets a different problem in
Instead, Teampay acts as a sort of collaboration software layer on top of the existing card infrastructure that a company has to better
are different and more complicated
concert with IT ticketing systems to make software and hardware procurement easier) as well as increasing sales and marketing
The company was founded in 2016.
