- Rho — a corporate spend and cash management company — announced it raised a $75 million Series B funding. These are the details.
Rho — a corporate spend and cash management company — announced it raised a $75 million Series B funding round led by Dragoneer Investment Group. New investor DFJ Growth joined the round and existing investors including M13, Inspired Capital, and Torch Capital also participated in the equity financing.
The company has grown 10x in under 12 months, including the launch of its integrated accounts payable product in January 2021 and its corporate card in May 2021. And Rho also recently unveiled its redesigned product and brand, including updates to its core platform to create an even more seamless and streamlined experience for its customers.
Launched in 2018, Rho’s goal is to make finance frictionless for organizations. It was the first financial platform to combine corporate cards, cash management, and accounts payable into one easy-to-use product and continues to set the pace for innovation in the industry. And Rho will use this latest funding to continue investing in innovation, with an unrelenting focus on simplifying finance operations for organizations.
Rho has also hired Sebastjan Trepca as its new Chief Technology Officer to lead the company’s engineering expansion. Before joining Rho, Sebastjan co-founded London-based fashion shopping app Lyst — which counts over 100 million users/year and has raised over $144 million to date. At Lyst he served as CTO and built the initial product and data services that helped grow the organization into one of London’s leading technology companies.
To meet growing demand and continue to invest in its platform, Rho tripled its headcount since March 2020, bringing the team size to over 80 people. And Rho has raised $205M of equity and debt financing to date from institutional investors, including Dragoneer, DFJ Growth, M13, Inspired Capital, Torch Capital, ConsenSys, and Community Investment Management.
KEY QUOTES:
“The past year has been a period of extreme growth at Rho, and we’re thrilled to bring in additional capital to invest in our platform so we can continue to transform finance for the world’s most dynamic companies.”
— Everett Cook, CEO and co-founder of Rho
“When we met Alex and Everett, we were immediately impressed by their long-term vision for Rho. The company is laser-focused on automating the back-office and building the platform to enable ‘self driving’ finance in the enterprise. The team grew up in a digitally-native environment, and deeply understand their end customer. We are excited about the tremendous traction Rho is seeing in the market, and the massive potential for Rho to re-imagine the way businesses manage their finances with their modern, innovative platform.”
— Sam Fort, Partner at DFJ Growth
“By synchronizing our finances, Rho saves us an incredible amount of time and improves our efficiency considerably. Instead of having three different apps to manage our banking, cards, and AP, they’re all integrated on Rho’s platform.”
— Fabric CFO Nevin Shetty
