Finance management platform Rho raises $75m in Series B round
Corporate spend management platform Rho has raised $75 million in a Series B funding round.
Rho CEO and co-founder Everett Cook
The round was led by Dragoneer Investment Group and saw participation from new investors DFJ Growth and existing investors M13, Inspired Capital and Torch Capital.
Rho CEO and co-founder Everett Cook says the past year has been “a period of extreme growth” for the firm. The company claims to have experienced 10x growth in under 12 months, underpinned by the launch of its integrated accounts payable solution in January and its corporate card in May.
Rho has also revamped its product design and branding alongside updates to its core platform.
The cash will go towards investing in its finance operations products and services, including its corporate cards, cash management and accounts payable offerings.
Founded in 2018, the start-up has raised $205 million in equity and debt financing to date.
Rho has also tripled its workforce since March 2020 to over 80 people and has hired Sebastjan Trepca, co-founder of London-based fashion shopping app Lyst, as its new chief technology officer (CTO).
