Divvy Raises $35M Series B Round From Insight Venture Partners
On May 4 of this year, Divvy announced a $10.5 million Series A funding round led by Pelion Ventures and my Utah tech sources were giddy. Multiple people pulled me aside and whispered into my ear, "You watch out for Divvy, young man, they are a company rising, customers and investors are vying for their attention like baby birds chirping for a well-chewed meal."
My sources were right, though I don't agree with the bird analogy. Divvy has become a flaming comet streaking across the night sky: people are pointing, oohing and ahhing, stammering and sweating in the face of such breathtaking speed. Months after securing their Series A, Divvy is announcing a $35 million Series B round from Insight Venture Partners.
"Every single day, businesses deal with the pain of outdated expense management tools and processes," said Blake Murray, CEO of Divvy. "Businesses want one place to see and control how their company spends money. Divvy is truly the solution the market has been waiting for.”
From my prior musings on Divvy:
The platform is free. I can’t stress that enough, neither can the good folks at Divvy. It eliminates the need for any archaic business expense tracking process, replacing past procedures with real-time tracking software. Employees download the app, receive a personal Divvy Mastercard, and can request/send funds immediately. Businesses are always aware of budget and expense reports as they happen, with Divvy tracking every dollar in real-time.
A New York-based firm, Insight has been actively investing in Utah both past (Qualtrics, Pluralsight, Numetric) and present (closed a SimpleNexus funding round in June). With today's news, the Silicon Slopes investment pool grows.
"We have our feet firmly on the ground — this doesn't mean anything if we don't go out and execute," said Sterling Snow, VP of Marketing at Divvy. "Now more than ever we have to be smart and deliver on our potential. We want to build a real business and not something that's smoke and mirrors."