German expense management firm Circula secures €15 million funding
Circula, the German leader in expense management with around 3,000 mid-sized and large customers such as Aston Martin, DATEV and Securitas, has secured €15 million in funding from existing investors and a strategic debt investor, CIBC Innovation Banking.
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The company's main investors, Capnamic Ventures, Alstin Capital, Peak and San Francisco-based Storm Ventures, all took the opportunity to double down on their existing engagement alongside further previous investors.
This investment will accelerate the company's path to solidify its position as the market leader in expense management. With a strong focus on advancing AI capabilities, Circula has been enhancing its product to reduce manual workload by automating large parts of the expense management process with the goal of freeing up more time of finance teams for strategic work. This funding will drive further innovation. It will also support continued investment in workflow capabilities to cater even better to the needs of larger, international organizations that are seeking AI-powered consumer-graded experience without the fuzz of complex enterprise solutions, making Circula the #1 expense solution globally according to G2.com .
Nikolai Skatchkov, Co-Founder & CEO, Circula said: 'Over the last year, we have witnessed firsthand the potential that AI is unlocking in the finance department. We are excited to bring our vision of an AI-driven expense solution to the market in the upcoming months. The additional financing is giving us the means to continue to build the best product in our category and to continue our path toward an effortless way to manage payments and business expenses. We are excited to build this future with existing investors and CIBC Innovation Banking.'
The strategic funding from CIBC Innovation Banking highlights Circula's market position and strong business foundation.
Charlotte Goggin, Director of CIBC Innovation Banking said: 'We are pleased to extend funding to Circula as it continues to build on its market-leading position in digital expense management across Germany. Up until 2019, German businesses were required to keep physical expense receipts. Now, in an age where businesses juggle digital receipts from most employees, Circula provides finance teams with AI driven tools to automate this process. We're excited to see Circula take advantage of the growth opportunities that lie ahead.'
Stefan Bary, Managing Partner at Peak said: 'With a best-in-class user experience, Circula makes expense management extremely easy for employees as well as the whole financial department, resulting in a quadrupled customer base since we first met the company in 2021. We are very pleased to double down on Circula considering the further growth that is expected from its current offering and even steeper growth that the company's AI initiatives provide. '
Tae Hea Nahm, Co-Founding Managing Partner at Storm Ventures said: 'Circula is the leading expense solution for SMBs in Germany, with massive growth potential as only 10% of the market is automated. Their strong partnership with DATEV and its 30,000+ accountants, combined with deep expertise and proprietary tech, positions them to win the market. Roman and Nikolai have built a great product and team — we're doubling down on our investment.'
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