Berlin-based financial management platform Moss has closed a Series A extension funding round of £29 million led by Peter Thiel’s US venture capital firm Valar Ventures and valuing the start-up at $264 million.
Cherry Ventures and Global Founders Capital also participated in the round, which followed just six months after the last financing round.
It brings Moss’ total funding to more than $64 million, which it will use to expand the business internationally, grow the team and accelerate product innovation.
Moss confirmed that it will be available in a second market before the end of this year, with additional countries to follow in 2022.
Ante Spittler, co-founder and CEO of Moss, said: “Since the last financing round six months ago, not only has our number of customers quadrupled, but we have also been able to introduce remarkable product innovations, such as a seamless accounting export utilising the DATEV API and digital processes for approving and managing invoices.
“And our credit product offers a unique benefit in the European card and spend management space.”
In particular, the start-up intends to tap the European market with its credit card product and its financial management platform.
Andrew McCormack, founding partner of Valar Ventures, said: “With their extensive tech and finance expertise and their business background, they are ideally positioned to bring a new understanding of spend management to businesses. Moss has been on a strong growth trajectory in recent months.
“With a market share of 15% among German start-ups, they are already among the market leaders in their segment. We are therefore excited about future developments.”
Moss was co-founded in mid-2020 by Spittler, Anton Rummel, Ferdinand Meyer and Stephan Haslebacher.