Center Inc., Bellevue (Washington) raised another $15 million in order to support growth.
This center is designed for middle-market firms that have difficulty managing expenses. This company provides a card for corporate use and offers software tools. It is a use-based business model that makes the startup money.
Center now has over 700 customers, and its customer base tripled last year.
Macroeconomic conditions such as inflation and the rise of hybrid work are providing tailwinds for the business, said CEO Naveen Singh. Companies want to closely manage their employee spending, and it is becoming more challenging with the spread of teams.
Singh’s father is former Concur CEO and co-founder Steve Singh, who is executive chairman at Center.
The company also announced Wednesday that Ken Cornick, co-founder and president at identity giant Clear, has joined Center’s board of directors.
“Center delivers a modern tool that streamlines and automates the expense process, addressing the pain points of an underserved SME market wanting to tighten control of the bottom line,” Cornick said in a statement.
The Center, which was founded in 2017, has raised $110,000,000 to date and now employs over 135 people. In August 2021, it raised $50 million.
Center initially got off the ground several years ago with a next-generation corporate credit card that featured a built-in touchscreen and battery. In February 2020, it launched the expense management software product.
The company last year employed Maureen Rhodes, a former Concur executive as the senior vice president for customer success. Samantha Bergin was hired as the chief marketing officer by the company this year.