Bellevue, Wash.-based expense management software startup Center raised an additional $15 million to help fuel growth.
Center targets mid-market companies that need help managing business expenses. It offers a corporate card and software tools. The startup makes money with a usage-based model.
Center has more than 700 customers and tripled its customer base last year.
Macroeconomic conditions such as inflation and the rise of hybrid work are providing tailwinds for the business, said CEO Naveen Singh. Companies are looking to manage employee spend more closely, and managing spend has become more complicated with distributed teams, he said.
Singh’s father is former Concur CEO and co-founder Steve Singh, who is executive chairman at Center.
The company also announced Wednesday that Ken Cornick, co-founder and president at identity giant Clear, has joined Center’s board of directors.
“Center delivers a modern tool that streamlines and automates the expense process, addressing the pain points of an underserved SME market wanting to tighten control of the bottom line,” Cornick said in a statement.
Center has raised more than $110 million to date since launching in 2017 and employs more than 135 people. It raised a $50 million round in August 2021.
Center initially got off the ground several years ago with a next-generation corporate credit card that featured a built-in touchscreen and battery. It launched its expense management software product in February 2020.
Last year the company hired former Concur exec Maureen Rhodes as senior vice president of customer success, and this year hired former 98point6 marketing leader Samantha Bergin as chief marketing officer.
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