Investment Rationale · Sequoia Capital
Why the firm invested
Sequoia partnered with Pennylane to help accelerate the expansion of its platform and team across France and continental Europe.
Fortunately, our interest sparked a courtship that allowed Pennylane and Sequoia to dream together and conclude that another round of funding would help the company expand the platform and team even faster.
Product
Pennylane provides a financial platform offering real-time visibility into accounts payable, accounts receivable, and cash flow.
Whereas other companies were building tools, they were building a platform — one that gives SMEs real time visibility into accounts payable, receivable, and their cash flow.
Pennylane's platform automates bookkeeping data collection and enables accountants to collaborate directly with SME clients.
Pennylane’s platform also improves the work experience for accountants, as it allows them to run their books through automatic data collection and collaborate with their clients.
Team
The Pennylane team is young, hungry, and possesses strong engineering and product capabilities.
The team was young, hungry, and stacked with strong engineering and product talent.
Investment context
Sequoia led the funding round for Pennylane.
We are thrilled to be leading this round and partnering with this exceptional team as they pull European SMEs into the 21st century.
What founders can learn
- What actually moved the decision: Sequoia Capital wrote that Sequoia partnered with Pennylane to help accelerate the expansion of its platform and team across France and continental Europe.
- How the team was judged: Sequoia Capital wrote that The Pennylane team is young, hungry, and possesses strong engineering and product capabilities.
Source and provenance
Investment Rationale published by Sequoia Capital on sequoiacap.com (first-party source). Read the original
