Investors pledge 80 million dollars to Yokoy

Yokoy has raised 80 million US dollars as part of a Series B financing round. This was led by the Californian venture capital firm Sequoia Capital, while Speedinvest, Visionaries Club and Zinal Growth, in addition to all existing investors, also took part. With this fresh capital injection, the company is keen to leverage the benefits of its expenses management platform for companies based on Artificial Intelligence (AI) to secure further growth in Europe and further afield, further details of which can be found in a press release.

As the company embarks on the next stage of its growth journey, Philippe Sahli, co-founder and CEO of Yokoy, explains that it is “amazing to have the backing of Sequoia Capital – the most prestigious venture capital firm in the world”. With the new and existing investors by its side, Sahli adds that Yokoy can now call on the support of “the best of the best”.

Just five months ago, the start-up raised a total of 26 million US dollars in a Series A financing round. In total, Yokoy has therefore generated gross proceeds of 107 million US dollars from financing rounds to date. According to Sahli, “Yokoy shows that spend management does not have to be a cumbersome and expensive process for global companies”. The solution developed by Yokoy automates all processes related to the management of corporate expenses before seamlessly integrating them into existing IT landscapes.

Since being founded in 2019,  Yokoy has grown by 400 percent year on year and has already gained more than 500 corporate customers, including the likes of ASK Chemicals, On and Bitpanda. Sahli explains that Yokoy does not want to be “just another company that automates processes or that claims to have better company credit cards”. Rather, the aim is to revolutionize “the way companies spend money at its core. Given the trust that our investors have put in us, we are sure that we are on the right track”, Sahli concludes.