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Utah’s Divvy raises $200M to eliminate expense reports

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Shane Higgins
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In February 2016, Blake Murray wrote down an idea for a business expense and budgeting platform on the back of a napkin.

The company, not to be confused with Divvy Homes or Divvy Bikes, has raised an additional $200 million in venture capital funding as part of Series C financing led by NEA with participation from Pelion Venture Partners and Insight Venture Partners.

Murray, Divvy’s co-founder and chief executive officer, declined to disclose Divvy’s valuation though he did confirm it’s grown 4x from the company’s $35 million Series B.

According to PitchBook, the Series B financing valued Divvy at $173 million, suggesting a new valuation of nearly $700 million.

For a business headquartered in Lehi, Utah — for a Silicon Valley startup even — that’s a seriously rapid growth rate.

Divvy only launched its platform, which allows customers to send and request funds, create virtual credit cards, manage team spending and more, in January 2018.

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Shane Higgins
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