Payhawk becomes Bulgaria’s first unicorn after $100mn funding round

Payhawk becomes Bulgaria’s first unicorn after $100mn funding round
By bne IntelliNews March 1, 2022

Bulgarian paperless expense management provider Payhawk said on March 1 it has reached a valuation of $1bn, becoming the first unicorn in the country, after raising an additional $100mn to extend its Series B round to $215mn. The fundraising was led by US investment firm Lightspeed Venture Partners.

“The company plans to become a catalyst for the Bulgarian startup ecosystem, and continue to attract and retain the top 1% of talent in the market,” the company said in a press release.

The company attracted new investors Sprints Capital, Endeavor Catalyst, HubSpot Ventures and Jigsaw VC. The current investors, including Greenoaks, QED Partners and Earlybird Digital East, also participated in the fundraising.

The funds will be used to expand the fintech's workforce, with the addition of 60 more senior software engineers in Sofia and the goal of tripling the total number of employees to over 300 by the end of 2022.

Payhawk said it is getting ready to open new offices in Amsterdam and Paris in March, followed by one in New York in September.

The company will also invest in further developing its technology to add new tools like mileage tracking and per diem.

Payhawk’s customer base consists of a mix of fast-growing and multinational companies including LuxAir, Lotto24, Viking Life, ATU, Gtmhub, Flink, MacPaw and By Miles.

Payhawk currently serves companies in 27 countries with its company cards and spend management platform all over Europe. It has offices in London, Sofia, Berlin and Barcelona. The company plans to continue its global expansion, aiming to open offices in the Australia, France, the Netherlands, Singapore and the US.