Yokoy Raises $80 Million in Sequoia-Led Financing Round
Updated · Mar 29, 2022
The company will use the funds to drive its European, and subsequently global, expansion.
Series B Round
Founded in 2019, Yokoy provides expense management services for enterprises. The Switzerland-based fintech company has raised $80 million in a Series B round that was led by venture capital firm Sequoia Capital.
The financing round also drew participation from SpeedInvest, Visionaries Club, and Zinal Growth. In addition, it saw current investors such as Balderton Capital, Six FinTech Ventures, Left Lane, and Swisscom Ventures participate.
Co-founder and CEO Phillipe Sahli shared his excitement at the completion of the Series B round:
“Embarking on the next stage of our growth journey, it is amazing to have the backing of Sequoia Capital – the most prestigious venture capital firm in the world. Taking together all our new and existing investors, we simply have the best of the best backing us.”
Together with a Series A round five months ago, the company has now managed to raise over $107 million. Currently, it sits at a $500 million valuation, according to a CNBC report.
The company, with headquarters in Zurich, targets mid-sized and large corporations and currently serves over 500 clients. These include:
- DPD Group
- ASK Chemicals
Yokoy automates their spending and also provides tools for invoicing and credit card processing using AI and API integrations.
Following the Series B financing round, the company is now eying an expansion into Europe and beyond starting this year.
“Our goal is to rid the corporate spending world of the legacy processes that have plagued it for decades,” said Sahli.
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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