AppZen raises $50 million to automate expense reporting with AI

Expense reporting is a time-consuming chore. Just ask the folks at Concur, who estimate that it takes 20 minutes on average to complete a single report and 18 minutes to correct an erroneous one. That's why Anant Kale and Kunal Verma set out to find a better way with AI, which seven years ago evolved into automated expensing startup AppZen. A little less than a year after raising $35 million in venture capital, San Jose, California-based AppZen today revealed that it recently closed a $50 million series C round led by Coatue Management, with participation from investors Redpoint Ventures and Lightspeed Venture Partners. The fresh funds bring the startup's total raised to over $100 million, which CEO Kale says will accelerate its mission to become the top AI platform to reduce spend, comply with policies, and streamline processes. AppZen recently surpassed the 1,500 customer mark, attracting nearly a third of Fortune 500 companies and quintupling revenue in the process.